Autostore Holdings Ltd.

Investor Presentation • Apr 24, 2025

Financial Results | April 24, 2025

Disclaimer

Certain statements included in this presentation includes forwardlooking 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

01

Highlights of the quarter & business update

02 Product & technology: Innovation to drive growth
-----------------------------------------------------------	--

03 Financials

04 Q&A

Q1 2025 overview

Despite significant market uncertainty, we remain committed to restoring growth and strengthening profitability

Financial overview

• Revenue \$86 million,-48% QoQ and -38% YoY
• Shipped products for AutoStore-as-a-Service projects, with a total value of \$27.5 million
• Adjusting for AutoStore-as-a-Service projects, revenue secured in Q1 2025 would be ~ \$113 million
• Order intake \$141 million, -2% QoQ and -23% YoY
• Gross margin 74%, +1.0 p.p., QoQ and +1.3 p.p. YoY
• Adj. EBITDA1 margin 25%, -22.2 p.p., QoQ and -21.1 p.p.YoY

Business overview

• U.S. tariffs have significantly compounded an already uncertain macroeconomic backdrop
• Following a period of significant investment, we are now optimizing in line with our strategy
• We continue to invest in our future growth with 5 new products, including CarouselAI and Essentials Software Package, expanding use cases and recurring revenue base

Delivering on strategy to drive profitable growth

Focusing on growth...

• Reallocating investments towards high-potential segments e.g., high-throughput to expand market reach
• Continuing to incentivize sales team to accelerate revenue conversion
• Advancing our recurring revenue model through AutoStoreas-a-Service and software-driven solutions

...and strengthening profitability

• Implementing cost-efficiency measures to support profitability, with annualized savings of ~\$10 million, starting June 2025

AutoStore-as-a-Service solution seeing clear traction in current market

Flexible, subscription-based model removes investment barriers for customers, while increasing our revenue visibility

A mutually beneficial solution gaining traction in a period of elevated uncertainty

Recurring value creation

Benefits for Autostore

• Increases access to a broader range of customers types
• Better lifetime value & recurring revenue
• Strengthens go-to-market model and long-term relationships

Benefits for our customers

• No upfront investment easy to scale
• All-in service including maintenance, spares and installation
• Flexible end-of-term options

The cubic storage pioneers

Global scale and leading position in an underpenetrated warehouse automation market

Scaled and global platform		Customers and partners		Superior financial profile
Countries	58	Partners	23	FY 2024 revenue	\$601m
Robots1	~78,500	Certified sales representatives	~3,150	Gross Margin LTM	73%
Systems1	~1,700	Unique customers	~1,150	Adj. EBITDA Margin LTM	42%
R&D FTE2	251	Customer payback period	1-3 years	FCF conversion4 LTM	72%
		Broad exposure to all end markets	~45% Sales to existing customers

Opportunities for expansion across a wide range of end markets

End-market	# of systems1	2024 share of revenue	Selected blue chip customers
Apparel / Sports accessories	~ 250	20%
Industrials2	~ 540	22%
3PL	~ 200	14%
Other Retail3	~ 170	12%
Grocery	~ 150	7%
Automotive	~ 140	9%
Healthcare	~ 150	8%
Luxury & Personal Care	~ 40	4%
Consumer electronics	~ 60	4%

1. As per end of Q1 2025, 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 and games, office supplies, home supplies, generalist retailer, books & media.

Product & Technology:

Innovation to drive growth

Our technology evolves

Early Days

A few hundred Robots Max 50 Robots per site Limited end markets served

90% uptime

Current

78,500 Robots

2,000 Robots at a site

Broad range of end markets

99.7% uptime

Future-driven product focus

Optimize the cube to unlock additional value to customers and staying ahead

01 02 03 Optimize the cube Expand our core capabilities

Grow the existing capabilities of our system to encompass new applications

Add on new capabilities

Leverage the cube platform to solve new use cases and expand into adjacencies

AutoStore software platform 04

Bringing together data and services across the customer journey in one platform to enable AI optimizations

Spring 2025 product launch highlights

CarouselAI

AI-powered automatic robot picking 1st adjacent product

autostoresystem.com

The Essentials SoftwarePackage

Complete software package with smart routing, real-time analytics & intelligent reporting Additional ARR1

autostoresystem.com

14

1. Annual recurring revenue

Expanded Pio product range

Four standardized, plug-andplay solutions Available now with several partners

autostoresystem.com

Key financial overview

Revenue reflects unprecedented geopolitical and macroeconomic volatility, as well as AutoStore-as-a-Service activity; cost-efficiency measures underway to support margin protection

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 .

Revenue reflects heightened market caution

Secured revenue in Q1 2025 would be ~ \$113 million

19

513

Solid order intake and healthy backlog

Order intake demonstrates the continued demand for AutoStore'ssolutions, while decision-making takes longer

70%+ gross margin with actions underway to support profitability

Ongoing evaluation of impact of tariffs – limited impact on strong gross margins

Adjusted EBITDA margin

Implementing cost-efficiency measures to support profitability, with annualized savings of ~\$10 million, starting June 2025

Initiatives focus on streamlining support functions and driving productivity gains across sales and product organizations

20

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.

Strong cash position despite market headwinds

Observations

Operating cash flow came in at \$0.1 million compared to \$53.4 million in Q1 2024, primarily a result of the lower EBITDA contribution

Simplified free cash flow mainly impacted by lower adjusted EBITDA

Total liquidity of USD 432.3 million, consisting of cash of USD 282.3 million and USD 150.0 million headroom on the revolving credit facility

Q&A

Key takeaways

• 01 Massive under-penetrated market driven by megatrends
• 02 Adapting to uncertainty by executing on our strategy and driving efficiency to protect profitability
• 03 Innovation remains core
• 04 Multiple ways to win
• 05 Positioned for long-term value creation

Appendix

Presentation of adjusted EBITDA1 breakdown

	First quarter
USD million	2025	2024
Profit/loss for the period	-2.7	20.6
Income tax	-0.7	5.7
Net financial items	11.2	19.9
EBIT	7.8	46.2
Depreciation	4.3	3.3
Amortization of intangible assets	9.5	13.6
EBITDA¹	21.7	63.1
Ocado Group litigation costs	-	0.4
Option costs	-0.6	-0.3
Total adjustments	-0.6	0.1
Adjusted EBITDA¹	21.1	63.2
Total revenue and other operating income	85.9	138.1
EBITDA margin¹	25.2 %	45.7 %
Adjusted EBITDA margin¹	24.5 %	45.7 %

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 Q1 2025 report.