Brockhaus Technologies AG

Investor Presentation • Mar 10, 2025

2

The Gateway into German Mittelstand Technology Champions

Elevating Champions

We know Germany.

We know
Mittelstand.

We acquire
Champions.

Building one of Germany's leading technology groups

$>20$ years track record of delivering superior returns to investors

Brockhaus Technologies at a glance

Established

2017

Businesses
BIKELEASING.DE
"ihse.

Revenue 2023
€187m

Exceptional team, incentivized to increase shareholder value

KPIs by segment (9M 2024)

(€ thousand)	HR Benefit \& Mobility Platform		Security Technologies		Central Functions and Consolidation		BKHT Group
	9M 2024	Pro forma 9M 2023	9M 2024	9M 2023	9M 2024	9M 2023	9M 2024	Pro forma 9M 2023
Revenue	151,104	113,185	24,235	29,500	-	(1)	175,339	142,684
Revenue growth	$33.5 \%$		(17.8\%)		-		22.9\%
Gross Profit	101,252	77,167	18,012	22,024	321	265	119,585	99,455
Gross Profit Margin	$67.0 \%$	$68.2 \%$	$74.3 \%$	$74.7 \%$			$68.2 \%$	$69.7 \%$
Adjusted EBITDA	70,620	55,466	3,210	7,787	$(5,815)$	$(4,474)$	68,015	58,779
Adjusted EBITDA Margin	$46.7 \%$	$49.0 \%$	$13.2 \%$	$26.4 \%$			$38.8 \%$	$41.2 \%$
Adjusted EBIT	68,266	53,342	1,981	6,743	$(6,028)$	$(4,564)$	64,219	55,521
Adjusted EBIT Margin	$45.2 \%$	$47.1 \%$	$8.2 \%$	$22.9 \%$			$36.6 \%$	$38.9 \%$

BKHT's revenue growth plus adj. pro-forma EBITDA is $-62 \%$ - clearly overachieving our own "Rule of 50"

^0

TECHNOLOGIES

Constant net leverage well below the target level

Net debt calculation as per 9M 2024
(€ million)

Highlights

Available financing capacity allows for future growth, inter alia through new acquisitions

Conservative leverage ratio of $\sim 0.56 \mathrm{x}$ adj. proforma EBITDA (target value of $\sim 2.5 \mathrm{x}$ )

High balance sheet quality and continuous deleveraging underlining resilience of our business

Indicative exemplary calculation of existing, non-dilutive financing capacity as per end of September 2024

BIKELEASING.DE B2B FinTech for employee benefits

KPls FY23

€146m

Revenue

€63m

Adj. EBITDA ${ }^{1}$

43%

Adj. EBITDA margin ${ }^{1}$

$\sim 300$

Employees

Company overview

• Bikeleasing is a B2B FinTech providing corporate customers with a leading digital platform for employee benefits
• The platform enables a highly automated connection between retailers, employees, employers, financing providers and insurers
• Mainly transaction-based business model with revenue per facilitated leasing object
• Brockhaus Technologies' share: 52\%

Diversified customer base (selected)

Visualization of the business model

Significant potential in the German market

Focus on highly profitable growth

Financials 9M 2024

(€ million)

Revenue

Adjusted

pro forma EBITDA

Revenue

Adjusted

pro forma EBIT

Operational update

Record 9M for
Bikeleasing
in terms of revenue, EBITDA and cashflow

$\sim 72,000$

# of corporate customers with a total of
$\sim 3.7$ million
connected employees

$\sim 123,000$

# of facilitated bikes in 9M 2024;
$-5.7 \%$ below the previous year, however at significantly increased customer economics

Levers for future growth

Expand market penetration by continuously onboarding new corporate customers

Increase usage rates among already onboarded corporate customers

Roll-out of Probonio's multi-benefit offering to the existing Bikeleasing client base and continuously adding new benefit modules

Continued internationalization

Building a one-stop-shop for employee benefits

Company overview

• Probonio is a Software-as-a-Service (SaaS) provider for the management of a wide range of employee benefits
• Through their proprietary platform and app, employers can currently offer their employees more than ten different benefits
• Benefits include inter alia: non-monetary benefits (vouchers), meal subsidies, corporate fitness or integration of providers for bicycle leasing

Strategic rationale

1. Opportunity to offer new customers more benefits than just bike leasing, from a single source
2. After the integration, the expanded benefits portfolio will be offered (upselling) to existing Bikeleasing customers ( 70,000 companies; 3.7 million employees)
3. Increasing the penetration within existing customers' employee base, due to Probonio's significantly higher usage rate amongst employees compared to Bikeleasing
4. Simplified internationalization, not being limited to bicycle leasing

Software-based multi-benefit platform

"Inss.

Technology leader for high performance data transmission

KPIs FY23

640 m

Revenue

611 m

Adj. EBITDA

27\%

Adj. EBITDA margin

150

Employees

Company overview

• KVM (keyboard, video and mouse) technology for highly secure and low latency transmission of data in mission-critical applications
• Strategic acquisition of KVM-over-IP manufacturer kvm-tec establishes IHSE as a one-stop-shop for KVM solutions
• Cross-sectional technology with customers in Air Traffic, Governments, Healthcare, Transportation, Entertainment, Industrials, Automotive, Finance or Education
• Brockhaus Technologies' share: 100\%

Global presence directly and through partners

Visualization of the business model

"ihse.
The perfect addition
Proprietary KVM technology enables high-performance and high-security separation of workstations and their respective computers

Strong position in the well-protected market for high-performance data transmission

Market mapping

• "Mission-critical" applications
• Certification requirements
• Highest reliance / quality requirements
• Premium pricing
• Fewer players
• Standard solutions
• Low range / volume
• Commoditized bulk market
• Lower margin
• Many players

Barriers to entry

Certification and security standards
provide access to key end markets that are inaccessible to other players
High switching costs
High initial set-up costs increase customer stickiness and cross- / upsell potential
Intellectual property as key success factor in premium KVM market
IHSE's rich history of R\&D provides the firm with a significant competitive edge

Key security certifications and standards of IHSE

National Information Assurance Partnership - NIAP PP4

• US security standards required in highestsecurity projects

Common Criteria Evaluation Assurance Level - CC EAL 4+

• European security standard required in highest-security projects

High value realization through sale of Palas after successful further development under the roof of Brockhaus Technologies

Development since acquisition by BKHT in Dec. 2018

Almost doubling of revenue ( $€ 12 \mathrm{~m}$ to $€ 21 \mathrm{~m}$ ), EBITDA ( $€ 3 \mathrm{~m}$ to $€ 7 \mathrm{~m}$ ) and EBIT ( $€ 3 \mathrm{~m}$ to $€ 6 \mathrm{~m}$ ) from 2018 to 2021

Successful international expansion with market entry and strong expansion in Asia
founding subsidiaries in Hong Kong and Shanghai as well as establishing a local team of $\sim 10$ employees

Setup of scalable structures for further growth e.g. by expanding the management
including hiring a CSO and CFO as well as establishing an advisory board consisting of industry experts from the BKHT-network

Implementation of a targeted growth strategy into new markets and applications
e.g. in the unregulated market or through the proprietary-developed data platform for air quality monitoring my-atmosphere.net

Value realization through sale of Palas
(€ million)

Uniquely positioned with a proven and successful business model

2 BROCKHAUS TECHNOLOGIES

BROCKHAUS TECHNOLOGIES AG

Thurn-und-Taxis-Platz 6
60313 Frankfurt am Main, Germany
Phone: +49 6920434090
Fax: +49 69204340971
E-Mail: in@brockhaus-technologies.com
Web: www.brockhaus-technologies.com
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Executive Board: Marco Brockhaus (Chair), Dr. Marcel Wilhelm
Chair of the Supervisory Board: Dr. Othmar Belker
Registry Court: Frankfurt am Main Local Court
Register Number: 1861109637

Disclaimer

This document is being presented solely for informational purposes and should not be treated as giving investment advice and does not constitute or form part of, and should not be construed as, an offer to buy or subscribe, nor an invitation to submit an offer to buy or subscribe any of Brockhaus Technologies AG's ("BKHT") securities. It is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. All and any evaluations or assessments stated herein represent our personal opinions. We advise you that some of the information is based on statements by third persons, and that no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or opinions contained herein.

This presentation contains certain forward-looking statements relating to the business, financial performance and results of BKHT and its (future) subsidiaries (collectively "Brockhaus Technologies") and/ or the industries in which Brockhaus Technologies operates. Forward looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this presentation, including potential transactions, assumptions, opinions and views of Brockhaus Technologies or cited from third party sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in the markets in which Brockhaus Technologies operates, changes affecting interest rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of legal proceedings and actions and Brockhaus Technologies' ability to achieve synergies from acquisitions. In general, the further development and impact of the Russian invasion of Ukraine, the conflict in the Middle-East, the persistent supply bottlenecks, the ongoing energy crisis, a tense banking sector, inflation, and the significant rise in interest rates is
uncertain. Brockhaus Technologies does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forwardlooking statements in this presentation are made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of Brockhaus Technologies with any of the recipients thereof shall, under any circumstances, create any implication that there has been no change in the affairs of Brockhaus Technologies since such date. Consequently, Brockhaus Technologies does not undertake any obligation to review, update or confirm recipients' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of the presentation.

For details on alternative performance measures, please refer to note 6 of BKHT's consolidated financial statements for 2023 or page 14 onwards of BKHT's quarterly statement 9M 2024.

Neither Brockhaus Technologies, nor any of its respective board members, directors, officers, employees, affiliates, agents or advisers nor any other person shall assume any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or the statements contained herein as to unverified third person statements, any statements of future expectations and other forward-looking statements, or the fairness, accuracy, completeness or correctness of statements contained herein, or otherwise arising in connection with this presentation.

This presentation is made available on the express understanding that it does not contain all information that may be required to evaluate the purchase of or investment in any securities of BKHT. This presentation is accordingly not intended to form the basis of any investment decision and does not constitute or contain (express or implied) any recommendation to do so.