Autostore Holdings Ltd.

Investor Presentation • Feb 20, 2025

Financial Results | February 20, 2025

Disclaimer

Certain statements included in this presentation includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "should", "projects", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements as a general matter are all statements other than statements as to historic facts or present facts and circumstances.

The forward-looking statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Group's financial strength and position, backlog, pipeline, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group's future business development and financial performance, and the industry in which the Group operates, such as but not limited to the Group's expansion in existing and entry into new markets in the future.

Forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking Statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements.

Agenda

Highlights of the quarter & business update 01

Financials 02

Q&A 03

Q4 2024 highlights

Revenue above guidance range, while sustaining profitability

• Revenue USD 164.8 million, +14.3% sequentially, -6.5% YoY
  • FY 2024 revenue USD 601.4 million, above guided range of \$575-600m at CMD ¹
• Order intake USD 143.8 million, on par sequentially and -12.3% YoY
• Gross margin 73.0%
• Adj. EBITDA² margin 46.7%

– Keith White has joined as the new Chief Commercial Officer, bringing extensive experience from Microsoft and Hewlett Packard Enterprise

2024: Proven execution and resilience amid market headwinds

The cubic storage pioneer: Global scale and leading position in an underpenetrated warehouse automation market

Scaled and Global Platform		Customers and Partners		Superior Financial Profile
Countries	58	23 Partners	~3,000 Certified sales representatives	FY 2024 revenue	\$601m
Robots	~75,500	Unique customers	~1,150	Gross Margin LTM	73%
Systems1	~1,650	Customer payback period	1-3 years	Adj. EBITDA Margin LTM	47%
R&D FTE2 (~70% Software)	296	Broad exposure to all end markets	~45% Sales to existing customers3	FCF conversion4 LTM	80%

1. As per end of Q4 2024, includes installed base and backlog 2. As per end of Q4 2024 3. Historical average (2021 – Q4'24)

2. Defined as adjusted EBITDA¹ less cash CAPEX divided by adjusted EBITDA¹ 6

Opportunities for expansion across a wide range of end markets

~1,150 Unique customers integrating AutoStore into their mission-critical supply chain

Notes:

1. As per end of Q4 2024, includes installed base and backlog

2. End markets include aviation, aerospace and defense, building and construction, machinery and other industrials

3. End markets include toys & games, office supplies, home supplies, generalist retailer, books & media

Unwavering belief in the market opportunity ahead…..

…AutoStore will leverage its long-term growth drivers to continue outperform the market in the medium to long term

throughput

02

01

Land and expand business model

Today

Looking ahead

AutoStore remains steadfast in delivering strong performance in any market

Customer case: Land and expand

Sonepar leverages AutoStore for scalable growth and same-day delivery

Industrial customer fueling global strategy with AutoStore partnership

Sonepar has implemented 12 AutoStore systems with plans to expand to over 20 systems globally

Global, family-owned company that dominates the B2B electrical distribution market

€33.3 billion in sales in 2023 while serving customers across 40 countries through 80 different brands

AutoStore is integrated with conveyor systems, robotic picking arms, and palletizing solutions for an end-to-end fulfillment process to optimize Sonepar warehouses

AutoStore is really flexible in terms of capacity, and in terms of capex. You can start small and extend the solution easily"

Benjamin Ertl SVP Supply Chain, Sonepar, Switzerland

Q4: Financials

Key financial highlights

Underlying business model and operational rigor creating sustainable margins

Notes: 1. Adjusted EBITDA margin and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2024 report 2. Defined as adjusted EBITDA¹ less cash CAPEX divided by adjusted EBITDA¹

Sequential revenue improvement driven by higher extension sales and project accelerations

Revenue Revenue by region

Backlog quality remain solid...

… but conversion times remain impacted by prolonged decision-cycles

– Positive QoQ development in EMEA

– Record high pipeline of USD ~7.5 billion shows healthy underlying activity. Meaningful OPEX based deals in the sales funnel

Order intake Order backlog

– Retail and industrial remain dominant end markets

Operational excellence leading to high annual gross margin and…

…enabling investment in the business while maintaining sector leading Adjusted EBITDA margin

High and sustainable gross margin

Adjusted EBITDA margin¹ back at industry leading and historical levels

Business model supporting sustainability of margins

Standardization	Highly standardized product set No customization, saving engineering hours
Partner-based go-to market	Focused on the most attractive part of the value chain
Economics	Rapid customer ROI Strong partner profitability
Operational excellence	Diversified supplier base Dual assembly capabilities

Improved cash position while continuing to investing in our future growth

• Continued good cash flow development with operating cash flow of USD 48.1 million
• Simplified free cash flow² of ~82%, -2.4 p.p. YoY with lower adjusted EBITDA¹ in the quarter

• Massive under-penetrated market driven by megatrends 01
• Global #1 in cubic storage with largest installed base of global customers 02
• Innovation engrained in AutoStore's DNA 03
• Multiple ways to win 04
• Strong financial profile supported by product standardization 05

Appendix

Presentation of adjusted EBITDA¹ breakdown

	Fourth quarter		Full year
USD million	2024	2023	2024	2023
Profit/loss for the period	40.2	40.6	136.6	-32.6
Income tax	14.3	9.9	39.5	-13.7
Net financial items	5.3	12.5	46.4	32.7
EBIT	59.7	63.1	222.5	-13.6
Depreciation	4.2	2.9	15.8	10.6
Amortization of intangible assets	9.7	13.2	47.0	51.5
Impairment	1.1	-	1.1	-
EBITDA¹	74.8	79.2	286.4	48.5
Ocado Group litigation costs	-	-	0.4	252.6
Option costs	2.2	5.2	-4.0	7.4
Total adjustments	2.2	5.2	-3.6	260.0
Adjusted EBITDA¹	77.0	84.4	282.8	308.5
Total revenue and other operating income	164.8	176.3	601.4	645.7
EBITDA margin¹	45.4%	44.9%	47.6%	7.5%
Adjusted EBITDA margin¹	46.7%	47.9%	47.0%	47.8%

Notes: 1. Adjusted EBITDA and other alternative performance measures (APMs) throughout the presentation are defined and reconciled to the financial results as part of the APM section of the Q4 2024 report. AutoStore has presented these APMs because the company considers these measures to be an important supplemental measure for prospective investors to understand the overall picture of profit generation in AutoStore's operating activities.