Brockhaus Technologies AG

Investor Presentation • Aug 7, 2025

Elevating Champions

Earnings Call FY 2024

August 7, 2025

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, potential supply bottlenecks, the ongoing trade war and other global macroeconomic and geopolitical tensions 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 forward-looking 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 information on alternative performance measures, please refer to Note 6 of BKHT's Consolidated Financial Statements for 2024 on page 93 onwards of the Annual Report 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.

Delayed audit and final outcome

Unqualified audit opinion received

▪ As published in our ad-hoc release on August 5, BKHT received an unqualified audit opinion from its auditor KPMG

Validation of key metrics

▪ KPMG's audit confirmed our preliminary key performance metrics (group revenue and adjusted EBITDA) as published in early March, with only very minor deviations

Single notable deviation: non-cash impairments

• The only significant deviation identified through extended audit procedures was related to non-cash impairments (as published on July 16)
• These are fully reflected in:
  • o The consolidated financial statements and
  • o The standalone financial statements of BKHT

Postponement of the 2024 financial statement publication

Audit timeline controlled by auditor

• BKHT supported the audit process fully, utilizing both internal resources and external advisors
• Despite our best efforts to expedite the process, the audit timeline was largely determined by the auditors

Extension of audit scope

• KPMG flagged a transaction at a foreign subsidiary of IHSE requiring further investigation
• This led to a significant expansion of the audit scope not just for IHSE, but for the entire BKHT Group

Internal measures and transparency

• The audit committee promptly initiated an internal investigation to clarify the matter
• The transaction in question (~€2.2 million) was excluded from preliminary group revenue figures
• Final audited figures closely aligned with those published on March 7, confirming transparency and conservative reporting

Non-cash impairments in the 2024 financial statements

Goodwill of the Security Technologies segment (IHSE)

• Previously valued at €80 million, was impaired by €40 million to €40 million
• Intangible assets recognized during the acquisitions of IHSE and kvm-tec (PPA assets) were impaired by €8 million

2024 statutory annual financial statements (IHSE)

• Shares in IHSE reported under financial assets were impaired from €96 million by €45 million to €51 million
• Main reason for this impairment was the weaker than expected performance of IHSE

Bikeleasing impairment

• Due to the weaker than expected development of the German bicycle market last year, we had to let an external auditor compile an updated valuation opinion on Bikelesing
• Upvalued shares were impaired from €70 million by €23 million to €47 million (still well above entry valuation of €22 million from end of 2021)

Summary FY 2024

Adjusted pro forma EBIT

Key highlights

Strong revenue growth in FY 2024 despite a challenging economic environment

EBITDA and EBIT particularly influenced by higher personnel and other operating expenses to enable the long-term growth of the Group

The Group's free cash flow before taxes was €43 million, close to the record level of the previous year (2023: €44 million)

Note: For definitions and detailed explanations of the alternative performance measures, please refer to page 93 onwards of our Annual Report 2024 6

Strong free cash flow development

Free cash flow before tax Highlights

(€ million)

Free cash flow before taxes at €43 million, close to the record level of the previous year (2023: €44 million)

Operating cashflow of €41 million significantly above prior year (2023: €35 million)

Bikeleasing distributed €35 million to its shareholders in the reporting period

Dynamic increase in earnings since the IPO

Adjusted earnings per share (EPS) Highlights

(in €)

Adjusted earnings per share have increased nearly 9x since the IPO

Compound annual growth rate (CAGR) of +107% between 2021 and 2024

The development of EPS underscores the resilience of the group even in times of major geopolitical and economic challenges

Revenue by quarter

8.3 9.4 11.8 11.0 7.3 7.0 10.0 7.5 Q1 Q2 Q3 Q4 -12.5% -25.5% -15.5% -31.3%

Revenue by region

KPIs by segment (pro forma)

	HR Benefit & Mobility Platform		Security Technologies			Central Functions and Consolidation		BKHT Group
(€ thousand)	FY 2024	Pro forma FY 2023	FY 2024	FY 2023	FY 2024	FY 2023	FY 2024	Pro forma FY 2023
Revenue	172,552	146,213	31,770	40,468	-	(51)	204,321	186,631
Revenue growth	18.0%		(21.5%)		-		9.5%
Gross Profit	112,242	93,123	22,922	30,542	632	372	135,796	124,037
Gross Profit margin	65.0%	63.7%	72.1%	75.5%			66.5%	66.5%
Adjusted EBITDA	67,340	63,081	2,894	11,088	(5,259)	(7,181)	64,975	66,988
Adjusted EBITDA margin	39.0%	43.1%	9.1%	27.4%			31.8%	35.9%
Adjusted EBIT	63,910	60,070	1,278	9,670	(5,526)	(7,304)	59,663	62,437
Adjusted EBIT margin	37.0%	41.1%	4.0%	23.9%			29.2%	33.5%

Total cash and cash equivalents of €48 million as per end of December 2024

Constant net leverage well below the target level

Net debt calculation as per FY 2024 Highlights

(€ million)

Available financing capacity allows for future growth through new acquisitions

€

Further reduction of the leverage ratio from 0.87x to 0.70x (target value of ~2.5x)

High balance sheet quality underlining resilience of our business

Bikeleasing – Operational deep dive

Record fiscal year for Bikeleasing in terms of financial KPIs

Corporate customers increased to ~72,000 (+21% YoY) with 3.7 million connected employees (+12% YoY)

~139,000 bikes facilitated in 2024, reflecting a YoY decline, yet resulting in a higher market share (in EUR terms), as the overall German bike market contracted

Development 2024: German bike market (in € billion bikes sold)

Development 2024: Bikeleasing (in € million bikes sold)

Transformation of Bikeleasing from single- to multi-product initiated

•"Bikeleasing evolves from a leasing provider to a digital HR benefit platform ecosystem"

	TAM: ~€25 billion1
TAM: ~€6 billion1
TAM: ~€4 billion1

Through the acquisition of Probonio and the launch of Bike2Future, Bikeleasing evolves from a pure-play brokerage platform to a digital HR benefit ecosystem

Three synergistic business lines:

• Company bike leasing via Bikeleasing.de
• Multi-benefit software via Probonio
• Used bike platform via Bike2Future

Platform approach enables deeper integration with corporate benefit programs and drives long-term client retention, as well as expanding the TAM more than sixfold from ~€4 billion to ~€25 billion

Unlocking the used bike market

• At lease end, ~93% of users (employees) purchase their leased bike; ~7% return to Bikeleasing
• Returned bikes also stem from early lease terminations (e.g. employees leaving), triggering insurance claims
• To improve monetization of an increasing number of returning bikes, Bike2Future was founded to remarket these bikes through physical stores and online B2C/B2B channels
• While short-term margins are affected by retail price pressure, B2C channels offer attractive mid-term margin potential

Building the digital backbone for HR benefit management

• Probonio acquisition (April 2024) – strategic rationale:
  • o Expand breadth of employee benefits for corporate clients
  • o Reduce admin cost for our customers by digitizing and automating the benefit administration
  • o Ease internationalization of the combined multi-benefit offering
• Platform build-out ongoing across product, tech & go-to-market:
  • o Relaunched brand of Probonio
  • o Increased sales & marketing organization
  • o Continuous rollout of new employee benefits
  • o Deepened technical integration with Bikeleasing platform
• First upselling activities launched in late August 2024, resulting in a near doubling of corporate customers:

IHSE – Operational deep dive

Revenue declined YoY, even though the underlying base revenue (excluding the ~€8 million one-off in 2023) remained broadly stable

Stable revenue development in EMEA and strong growth in APAC (despite ongoing decoupling tendencies from China)

Several medium-sized projects that were originally expected for 2024 were postponed to 2025 – increasing backlog, but lowering recognized revenue in 2024

(€ million)

IHSE – Operational deep dive

As a result of identified irregularities relating to incorrect revenue recognition for a project in one of IHSE's international subsidiaries, the management was reorganized

1. Frank Breitenfelder was appointed as Managing Director / CFO to strengthen governance and financial oversight

• 2. Dr. Enno Littmann, long-standing CEO and current Chairman of the Board, has temporarily rejoined the operational management to support stability and continuity
• 3. The managing director of the affected international subsidiary was replaced with a long-serving IHSE team member

These measures aim to ensure continuity of operations and reinforce IHSE's internal control systems

Frank Breitenfelder CFO Managing Director

• Finance, controlling, tax, legal, HR
• Joined in 2025

• 20 years of experience

Dr. Enno Littmann Chairman of the Board

• Strategy, business development and sales
• Joined in 2008

• 25 years of experience

Group Forecast FY 2025

Revenue

€225m - €235m

(2024: €204m | +10% to +15%)

Adj. EBITDA

€50m - €55m

(2024: €65m | -15% to -23%)

Happy to answer your questions

BROCKHAUS TECHNOLOGIES AG

Thurn-und-Taxis-Platz 6 60313 Frankfurt am Main, Germany

Phone: +49 69 20 43 40 90 Fax: +49 69 20 43 40 971 E-Mail: ir@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: HRB 109637