Bike24 Holding AG

Investor Presentation • Aug 8, 2024

ㅇ BIKE24

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 or to 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.

AGENDA

General Update

Business Update

Outlook

QEA

Q2 2024 AT A GLANCE

STRONG UPLIFT OF ADJ. EBITDA MARGIN TO +4.2\% (Q2 2023 +0.9\%)

Due to a more focused marketing strategy, very strict cost discipline and an increase in the Gross Margin by 190 basis points.

SIGNIFICANT GROWTH IN CORE REGION DACH OF +8\% AND IN TOTAL OF +1\%

Slight improvement in consumer sentiment, leading to significant sales growth in Germanspeaking countries. Compared to pre-pandemic (Q2 2019), this corresponds to an almost doubling of sales (+87\% / CAGR 13\%).

DOUBLE-DIGIT GROWTH IN BENELUX AGAIN IN THE 2ND YEAR OF LOCALIZATION

Sales growth in BENELUX remains strong at 14\%. France, Italy \& Spain remains under pressure $(-20 \%)$ due to poor consumer sentiment and high intensity of promotional activities in the region.

FULL-BIKE SALES WITH ONGOING STRONG GROWTH OF +10\%

Full-Bike initiative according to plan despite strong headwinds in the market.

STRONG FREE CASH FLOW GENERATION OF EUR +1.9m (Q2 2023 -6.9m)

Driven by improved EBITDA and continued improved inventory position. Especially PAC inventory was reduced significantly vs. Q2 2023 (-23\%).

GUIDANCE FOR FY 2024 REITERATED

Guidance assumes sales growth of 1 - 5\% and adj. EBITDA margin of 0.7 - 4.2\%.

AGENDA

General Update

Business Update

Outlook
Q\&A

ACTIVE CUSTOMERS MIX CHANGED POSITIVELY

■BIKE24

CHANGE IN PRICING STRATEGY LED TO A LOSS OF BARGAIN HUNTERS

CUSTOMER KPIs REFLECT DEVELOPMENT OF LAST 12 MONTH

LAST DEVELOPMENT IN Q2 2024 POSITIVE (REVENUE PER ACTIVE CUSTOMER +3\% COMPARED TO Q2 2023)

PAC-SALES FLAT BUT SIGNIFICANT GROSS-PROFIT-GROWTH

GROWTH IN FULL-BIKE SALES DESPITE HEADWINDS IN THE MARKET

Q2 REVENUES BY CATEGORY

Q2 GROUP REVENUES
(IN EUR M)

62.9

Bikes PAC PAC

CORE MARKETS LEADING THE WAY

LOCALIZED MARKETS NEGATIVELY AFFECTED BY ONGOING PRICE PRESSURE IN FRITES, BENELUX REMAINED POSITIVE

Q2 REVENUE BY GEOGRAPHY

(IN EUR M)

CONTINUED SIGNIFICANT INVENTORY REDUCTION

ALMOST NO BUILD UP OF INVENTORY SINCE DECEMBER 2023 DESPITE HIGH SEASON

INCOME STATEMENT DETAILS

H1 6 Q2 AT A GLANCE

in \% of Revenues	H1 2024	H1 2023	Change	Q2 2024	Q2 2023	Change
Gross Margin	26.6\%	23.8\%	2.8pp	27.7\%	25.8\%	1.9pp
Performance Marketing	$(1.2 \%)$	$(1.4 \%)$	0.2pp	$(1.1 \%)$	$(1.4 \%)$	0.3pp
Selling Costs	$(8.6 \%)$	$(9.6 \%)$	1.0pp	$(8.3 \%)$	$(9.7 \%)$	1.4pp
Contribution Margin	16.7\%	$12.8 \%$	3.9pp	18.2\%	$14.7 \%$	3.5pp
Personnel Expenses ${ }^{1}$	$(11.9 \%)$	$(11.0 \%)$	$(0.9 p p)$	$(10.5 \%)$	$(10,4 \%)$	$(0.1 p p)$
Miscellaneous Expenses ${ }^{1}$	$(3.8 \%)$	$(3.6 \%)$	$(0.2 p p)$	$(3.7 \%)$	$(3.4 \%)$	$(0.3 p p)$
Adj. EBITDA Margin ${ }^{1}$	1.1\%	$(1.7) \%$	2.8pp	4.2pp	0,9\%	3.3pp

${ }^{1}$ Adjustments of €1,940k for H1 2024 (H1 2023: €2,265k) and €721k for Q2 2024 (Q2 2023: €1,210k) are mainly share option-based bonuses and SAP implementation costs, of which €648k for H1 2024 (€435k H1 2023) and €402k for Q2 2024 (€356 Q2 2023) for personnel expenses and €1,291k for H1 2024 (€1,830k H1 2023) and €320k for Q2 2024 (€854k Q2 2023) are adjusted for miscellaneous expenses. Rounding differences may apply.

AGENDA

General Update
Business Update
Outlook
Q\&A

SUMMARY: BACK TO PROFITABILITY

EBIKE24

FIRST INDICATIONS FOR AN INCREASE IN DEMAND

REFOCUSING ON PROFITABILITY

Thanks to a more concentrated marketing strategy, very strict cost discipline and the changed pricing strategy, average profitability per customer was increased by $28.5 \%$ in Q2 2024.

STRONG FREE CASH FLOW GENERATION

Driven by focus on lower working capital and improvements in operating business. Basis for reducing Bike24's debt by EUR 4 million. Further debt reduction of the same amount planned for the second half of 2024.

FULL-BIKE SALES WITH ONGOING STRONG GROWTH

Full-Bike initiative according to plan despite headwinds in the market. This shows the willingness of customers to buy high-quality bikes online and the successful positioning of Bike24 in this market.

FULL YEAR 2024 - GUIDANCE CONFIRMED

GUIDANCE FOR FULL YEAR 2024

	2024
REVENUE GROWTH (YDY)	$1-5 \%$
ADJ. EBITDA MARGIN	$0.7-4.2 \%$

IMPORTANT DATES 2024

EVENT	DATE
Hamburg Investors Days (HIT), Hamburg	August 21, 2024
Berenberg and Goldman Sachs German Corporate Conference, Munich	September 24, 2024
Q3 2024 Results	November 6, 2024
Berenberg European Conference, London	December 4, 2024

AGENDA

General Update
Business Update
Outlook
Q\&A