Bike24 Holding AG

Investor Presentation • May 3, 2025

Q1 EARNINGS CALL PRESENTATION May 2, 2025

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 orto 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 forward-looking 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 in this presentation are unaudited.

General Update

Business Update

Outlook

Q1 2025 AT A GLANCE

REVENUE GROWTH OF +18% AND ADJ. EBITDA MARGIN OF +1.0%

Growth acceleration in Q1, driven by high product availability, attractive offers, and an early start to spring.

SUBSTANTIAL GROWTH IN ALL EUROPEAN MARKETS

The DACH market was the main growth driver (+22%). Absolute performance marketing costs remained stable (~€700k) and are relative to revenue (~1.2%) exceptionally low for an e-commerce business.

HIGHEST SALES OF FULLBIKE IN A 1ST QUARTER THAN EVER BEFORE

The Fullbike product segment grew by 6%, despite an extremely challenging market environment with persistently overcapacities.

RATIO REVENUE TO INVENTORY HAS RETURNED TO PRE-PANDEMIC LEVELS

Further reduction of inventory levels. Additional improvements are expected through the reorder strategy, supported by the new SAP system.

GUIDANCDE FOR 2025: Revenue 233–242 m€ / adj. EBITDA 7.0- 12.1 m€

We confirm our 2025 guidance to account for ongoing macroeconomics uncertainties, even though revenue is expected to come in at the upper end of the range.

General Update

Business Update

Outlook

BUSINESS UPDATE Q1 2025

GROWTH RATES INCREASED QUARTER BY QUARTER

Q1 DECLINE SUCCESSFULLY COMPENSATED

7

GROWTH ACCELERATION TO 18% IN Q1

PAC IS LEADING THE WAY

ALL REGIONS IN EUROPE WITH SIGNIFICANT GROWTH

LOCALIZED MARKETS EXTENDED BY FINLAND AND POLAND

Q1 REVENUE BY GEOGRAPHY

(IN EUR M)

1) France, Italy, Spain, BeNeLux and (since 03/2025) Poland & Finland

CUSTOMER KPIs DACH

MORE CUSTOMERS, HIGHER SPENDING

1)Customers with at least one recorded sale during the quarter

2) Defined as revenue divided by the number of customers

CUSTOMER KPIs LOCALIZED MARKETS

CUSTOMER ACQUISITION SUCCESSFUL

1)Customers with at least one recorded sale during the quarter

2) Defined as revenue divided by the number of customers

CUSTOMER KPIs REST OF EEA

REGAINING CUSTOMERS, RESTARTING GROWTH

1) Customers with at least one recorded sale during the quarter

2) Defined as revenue divided by the number of customers

SIGNIFICANT INVENTORY REDUCTION

WITH INTENTIONAL BUILD-UP IN FULL-BIKES TO SATISFY ONGOING HIGH DEMAND

STRONG FREE CASH FLOW GENERATION

GENERATED FREE CASH FLOW WAS USED TO DELEVERAGE THE COMPANY

1 Free cash flow is defined as cash generated from operating activities and investing activities.

INCOME STATEMENT DETAILS

Q1 AT A GLANCE

in % of Re ve nu es	Q 1 2 0 2 5	Q 1 2 0 2 4	C ha ng e
Gr Ma in os s rg	2 5. 2 %	2 5. 0 %	0. 2p p
fo Pe r rm an ce Ma ke t ing r	( ) 1. 2 %	( ) 1. 4 %	0. 1p p
Se l l ing Co ts s	( ) 8. 7 %	( ) 9. 0 %	0. 3p p
Co tr i bu t io Ma in n n rg	1 5. 2 %	1 4. 6 %	0. 6p p
1 Pe l Ex rs on ne p en se s	( ) 1 0. 4 %	( ) 1 3. 6 %	3. 2p p
M isc l lan e eo us 1 Ex p en se s	( ) 3. 9 %	( ) 4. 2 %	0. 3p p

1Adjustments of €631k for Q1 2025 (Q1 2024: €1,218k) are primarily related to costs of the loan.

Conservative marketing approach

Selling costs benefited from the exceptionally strong performance in the DACH region.

Personnel cost savings combined with higher revenue. Main driver: The workforce reduction measure implemented in late November

General Update

Business Update

Outlook

SUMMARY: PROFITABLE GROWTH

KEEPING THE COMPANY ON A SOLID FOUNDATION

SALES ACCELERATION IN Q1 AND IMPROVEMENT IN PROFIT

The trend reversal was clearly achieved in the first quarter, particularly in terms of sales growth with a significant increase of 18%.

GROWTH IN ALL EUROPEAN MARKETS + FULLBIKES

Localized markets +17% and DACH + Rest of EEA with 10% growth, also Fullbikes have grown better than expected (+6%).

LOWER INVENTORY

Inventories of around EUR 66 million with higher availability nevertheless down on the same quarter of the previous year.

REVENUE PERFORMANCE IN APRIL 2025 IS VERY PROMISING

Double-digit sales growthin April

FY2025 – GUIDANCE CONFIRMED

OUR MAIN FOCUS REMAINS ON PROFITABLE GROWTH

	2 0 2 5
( ) G O R E V E N U E R W T H I N M I L L I O N E U R	2 3 3 2 4 2 -
( ) O A D J E B I T D A I N M I L L I N E U R	0 2 7 1 1 –

Assumptions for 2025

• •The return to revenue growth for every single quarter of 2025 expected
• •The improvement in adj. EBITDA is mainly due to operating leverage and additional cost savings
• • Guidance is under the assumption that both the macroeconomic environment and consumer sentiment do not deteriorate significantly

IMPORTANT DATES 2025

E V E N T	D A T E
G i A l l M t n n u a e n e r a e e n g	2 0 2 J 1 7, 5 u n e
Q 2 2 0 2 5 R l t e s u s	A t 1 3, 2 0 2 5 u g u s
B b d G l d S h G e r e n e r g a n o m a n a c s e r m a n C t C f M i h o r p o r a e o n e r e n c e, u n c	S t b 2 0 2 5 e p e m e r
Q 3 2 0 2 5 R l t e s u s	N b 1 2, 2 0 2 5 o v e m e r

General Update

Business Update

Outlook