Bike24 Holding AG

Investor Presentation • Aug 12, 2021

H1 EARNINGS CALL PRESENTATION

12 AUGUST 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.

BUSINESS UPDATE FINANCIAL UPDATE

Q&A

STRONG GROWING ACTIVE CUSTOMER BASE

More than 790k active customers (+42% YoY) at the end of June 2021, driven by loyalty of existing customers and strong new customer acquisition.

STRONG REVENUE GROWTH IN PAC & BICYCLES Delivered total revenue growth of 26% YoY in Q2 2021 and 44% in H1 2021 (EUR 127.4M). Bicycle's revenues up 77% YoY in H1 despite supply chain shortages, PAC +40%.

EXCEPTIONAL PROFITABILITY

Exceptional market prices driven by very high demand and limited availability of bicycle products worldwide lead to an adj. EBITDA margin of 14.9% in H1. Adj. H1 EBITDA at EUR 18.9 m.

HIGH GROWTH MOMENTUM IN SPAIN CONTINUES

BIKE24 records sales growth of more than 150% year-over-year for the third quarter in a row. Number of new acquired customers in Spain more than tripled in Q2.

ALL SET FOR FURTHER GROWTH

FY 2021 outlook of EUR 240-260m Revenue (23-30% growth) and adj. EBITDA of EUR 28–34m (12–13% adj. EBITDA margin).

H1 AT A GLANCE

UPDATE ON STRATEGIC INITIATIVES FOR FUTURE GROWTH

WEBSHOP RELAUNCH ON TRACK, GO LIVE EXPECTED TOWARDS YEAR-END 2021

360 DEGREES IMPROVEMENT OF OUR CUSTOMER JOURNEY

RELAUNCH HAS RECENTLY MOVED INTO FINAL STAGE

TESTING AND QUALITY ASSURANCE ALREADY STARTED

GO-LIVE IS EXPECTED TOWARDS YEAR-END 2021

LOCATION SCOUTING FOR FIRST SOUTHERN EUROPEAN FULFILLMENT CENTER IN ADVANCED STAGE

EVALUATION OF MORE THAN 10 SITES

2 SHORTLISTED TO CHOOSE FROM, BOTH UNDER CONSTRUCTION WITH EXPECTED COMPLETION IN Q1 2022

LOCALIZATION (Southern Europe Fulfilment Center Spain)

DECISION ON LEASE CONTRACT EXPECTED IN THE NEXT WEEKS

COMPLETION AND GO-LIVE EXPECTED IN AUTUMN/WINTER 2022

CONTRAINTS IN SUPPLY, BUT BRAND ACQUISITION FULLY ON TRACK

BIKE ORDER VOLUME FOR 2021/2022 SEASON MORE THAN DOUBLED TO EUR 40 MILLION

16 NEW BRANDS ACQUIRED

LEVERAGING ON OUR LONGSTANDING SUPPLY PARTNERSHIPS WITH RENOWNED MANUFACTURERS

SUPPLY CONSTRAINTS MIGHT IMPACT TIMING OF DELIVERIES

BUSINESS UPDATE FINANCIAL UPDATE Q&A

233K NEW ACTIVE CUSTOMERS AND A CONTINOUSLY HIGH SHARE OF REPEAT ORDERS…

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

…WERE SUPPORTED BY EXCELLENT KEY CUSTOMER METRICS

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders

GROUP REVENUE UP 44% IN H1 2021

REVENUE PER PRODUCT CATEGORY

WITHIN THE BICYCLE SEGMENT WE RECORDED A RAPID GROWTH OF E-BIKE SALES

13 ||

WITH STRONG PERFORMANCE ACROSS ALL GEOGRAPHIES

HIGH GROWTH MOMENTUM IN SPAIN CONTINUES

15 ||

INCOME STATEMENT DETAILS

in % of revenue	Q2 2020	Q2 2021	Delta	H1 2020	H1 2021	Delta
Gross Margin	30.2%	35.4%	5.4 pp	29.4%	33.3%	3.9 pp	Boosted by exceptional demand and limited availibility
Performance Marketing	-0.3%	-0.5%	-0.3 pp	-0.2%	-0.4%	-0.2 pp
Selling Costs	-8.1%	-8.0%	0.2 pp	-8.1%	-7.9%	0.2 pp
Contribution Margin	21.8%	26.9%	5.1 pp	21.1%	24.9%	3.8 pp	Operating leverage offset by
Personnel Expenses	-6.9%	-7.5%	-0.6 pp	-7.6%	-7.7%	-0.1 pp	expanded IT capacities and investments in 2nd management level
OPEX	-1.5%	-2.7%	-1.2 pp	-1.8%	-2.3%	-0.5 pp	Uplift in costs driven by listing related costs and one-off IT consultancy expenses
Adj. EBITDA1)	13.4%	16.7%	3.3 pp	11.7%	14.9%	3.2 pp

Adjustments of EUR 5.6 million in H1 2021 are mainly related to transaction costs for the listing and cash based bonuses

WE INTENTIONALLY BUILT HIGH INVENTORIES TO AVOID SUPPLY BOTTLENECKS…

…WHICH HAD AN IMPACT ON OUR FREE CASHFLOW

After H1 2021 with exceptional growth and earnings

CHALLENGING SUPPLY SITUATION

We continue to see a tight procurement situation, especially for bicycles.

FURTHER Y-O-Y REVENUE GROWTH IN H2 EXPECTED

We expect a double-digit revenue growth rate for the second half of the year, however, with a lower EBITDA margin.

GUIDANCE FY 2021: STRONG REVENUE GROWTH AND STABLE EARNINGS

Outlook of EUR 240-260m Revenue (23-30% Growth) and adj. EBITDA of EUR 28-34m (12-13% adj. EBITDA margin).

STRONG STARTING POINT LOOKING FORWARD

AGENDA

FINANCIAL CALENDAR

November 11, 2021:	Q3 2021
March 24, 2022:	FY 2021

BUSINESS UPDATE FINANCIAL UPDATE Q&A

P&L

in EUR thousands, except share and per share data	Note	- June 30, 2021	January 1, 2021 January 1, 2020 - June 30, 2020	April 1, 2021 - June 30, 2021	April 1, 2020 - June 30, 2020
Revenue and other Income
Revenue	D.1	127,386	88,441	69,822	55,426
Other income		91	53	44	33
Total income		127,477	88.494	69,866	55,459
Operating expenses
Personnel expenses	0.2	- 10,944	- 7,314	-5,936	-4,069
Expenses for merchandise, consumables and supplies	D.3	-85,020	-62,410	-45,092	-38,687
Impairment loss on trade receivables		-91	-42	-56	-35
Other expenses	0.4	- 18,299	- 10,059	- 11,175	-5,797
Depreciation and amortization	D.5	- 6,965	-6,791	-3,545	-3,406
Total expenses		- 121,319	-86,616	-65,803	-51,994
Earnings before interest and taxes (EBIT)		6,158	1,878	4,063	3,465
Finance Income and expense
Finance income		1	0	0	D
Finance expense		- 1,953	-2,625	-851	-1,842
Finance expense, net		- 1,953	-2,625	-851	-1,842
Profit/Loss before tax		4,205	-747	3,213	1,623
Income tax (expense) income	D.6	-1,366	192	-1,044	-365
Result for the period		2,839	-554	2,169	1,258
Other comprehensive result		0	0	0	D
Total comprehensive result		2,839	-554	2,169	1,258
Earnings per share	D.7
Basic earnings per share		0.08	-0.01	0.06	0.03
Diluted earnings per share		0.07	-0.01	0.06	0.03
Weighted average ordinary shares outstanding (basic)		37,759,259	37,500,000	38,018,518	37,500,000
Weighted average ordinary shares outstanding (diluted)		37,769,342	37,500,000	38,038,684	37,500,000

BALANCE SHEET

in EUR thousands	Note	June 30, 2021 (unaudited)	December 31, 2020 (audited)
Assets
	E.1
Intangible assets		134,891	139,53
Goodwill	E.1	56,753	56,75
Property, plant and equipment	E2	19,539	19.46
Financial assets	E.3	3
Non-current assets		211,187	215,75
Inventories	E.4	60,780	38,15
Other assets	E.5	9.918	4,70
Trade and other receivables		1.909	1.99
Cash and cash equivalents		24,578	25,23
Current assets		97,186	70,07
Total assets		308,372	285,83
Equity
Subscribed capital		44,167	2
Capital reserves		176,484	122,87
Retained Earnings		823	-2,01
Total Equity		221,474	120,88

in EUR thousands	Note	June 30, 2021 (unaudited)	December 31, 2020 (audited)
iabilities
iabilities to banks	E.6	980	88,880
ther financial liabilities		7.595	8,167
rovisions	E.7	1,133	2,312
eferred tax liabilities		39,845	43,236
on-current Liabilities		49,552	142,595
iabilities to banks	E. F	32	720
ther financial liabilities		1,443	1,526
rovisions	E.7	R23	650
ther liabilities	E.8	17,383	6,345
come tax liabilities		1,255	4,875
rade payables	E.9	16,578	8,230
urrent liabilities		37,345	22,347
otal liabilities		86,898	164,942
otal equity and liabilities		308,372	285,831

CASH FLOW STATEMENT

in EUR thousands	Note	January 1, 2021 - June 30, 2021	January 1, 2020 - June 30, 2020
Cash flows from operating activities
Result for the period		2,839	-554
Adjustments for:
- Depreciation and amortization	D.5	6,965	6,791
- Write-ups		-3
Finance income		-1	0
- Finance expense		1,953	2,625
- Income tax expense (income)	D.6	1,366	- 192
- Share-based compensation expenses		40
- Transaction costs		3,651
		16,811	8,669
Changes in:
- Inventories	E-4	-22,628	-3,823
- Trade reveivables		82	989
- Other assets	E.5	-3,910	-2,612
- Trade and other payables	E.9	8,348	5,721
- Other liabilities	E.8	6,702	2,166
- Provisions	E.7	- 1,176	1,435
Cash generated from operating activities		4,229	12,544
Interest paid		-2,641	-2,427
Income tax paid		-7,319	- 1,005
Net cash from operating activities		-5,731	9,111
Cash flows from Investing activities
Acquisition of property, plant and equipment		-1,609	-1,136
Acquisition of intangible assets		- 655	-37
Net cash used in investing activities		-2,264	- 1,173
Cash flows from financing activities
Payments related to the initial public offering		-975
Proceeds from the issue of shares (less costs)		97,000
Proceeds from liabilities to banks		980	4,250
Repayment of liabilities to banks		-88,880	-4,250
Payment of lease liabilities		-786	-763
Net cash used in/from financing activities		7,339	-763
Net increase (decrease) in cash and cash equivalents		-657	7,175
Cash and cash equivalents at the beginning of the period		25,235	8.616
Cash and cash equivalents at the end of the period		24,579	15,791