Bike24 Holding AG

Investor Presentation • May 2, 2024

Q1 2024 EARNINGS CALL PRESENTATION MAY 02, 2024

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. See [the appendix] for a reconciliation of certain of these non-lFRS measures to the most directly comparable IFRS measure.

Figures shown is in this presentation are unaudited.

Business Update

Outlook

GROSS PROFIT INCREASED 4% to EUR 12.4m

Despite total sales being down 11% because of fewer promotional activities throughout the quarter

DOUBLE-DIGIT SALES GROWTH IN WESTERN EUROPE

Sales development in Belgium (+115%) and the Netherlands (+104%) is particularly encouraging

Y-O-Y GROSS MARGIN IMPROVEMENT OF 3.6PP TO 25.1%

Albeit not fully normalized yet, strategic price adjustments led to significant margin improvements across all segments

HEALTHY BALANCE SHEET POSITIONS DESPITE INTAKE QUARTER

Inventory (EUR 71.0m) and cash position (EUR 18.3m) were kept stable versus December 2023 despite fresh seasonal products coming in

FULL-YEAR 2024 GUIDANCE CONFIRMED

Expected sales growth of 1 - 5% and an adj. EBITDA margin of 0.7 – 4.2% with significant improvements in second half of 2024

Business Update

Outlook

INDICATING STICKINESS AND LOYALTY OF CUSTOMERS

1) Active Customer: Customer who placed at least one order during the last twelve months (LTM)

AS CUSTOMERS TEND TO DOWNTRADE DURING INFLATIONARY TIMES

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders

Bikes PAC Bikes PAC

BUT FULL-BIKE SALES STABLE ON HIGH LEVEL

JULY 2023 AS INFLECTION POINT IN TERMS OF PROFITABILITY

ALL MARKETS AFFECTED BY ONGOING WEAK CONSUMER SENTIMENT

FY REVENUE BY GEOGRAPHY

(IN EUR M)

WITH SIGNIFICANT REDUCTION VERSUS MARCH 2023

Bikes PAC

11

Q1 AT A GLANCE

in % of Revenues	Q1 2024	Q1 2023	Change
Gross Margin	25.1%	21.6%	+3.6pp	Strategic price adjustments across all segments
Performance Marketing	(1.4%)	(1.3%)	+0.0pp
Selling Costs	(9.0%)	(9.4%)	+0.4pp	Higher share of DACH-sales positively impacts shipping costs
Contribution Margin	14.8%	10.8%	+4.0pp
Personnel Expenses1	(13.6%)	(11.6%)	(2.0pp)	Due to lower capitalization of IT expenses; remaining personnel costs are below prior year
Miscellaneous Expenses1	(4.2%)	(3.9%)	(0.3pp)
Adj. EBITDA Margin1	(3.0%)	(4.7%)	+1.7pp

¹Adjustments of €1,218k for Q1 2024 (Q1 2023: €1,054k) are mainly share option-based bonuses and SAP implementation costs, of which €247k (Q1 2023: €79k) are adjusted for personnel expenses and €972k (Q1 2023: €975k) are adjusted for miscellaneous expenses. Rounding differences may apply.

Business Update

Outlook

SEQUENTIALLY IMPROVING MARGINS PROVIDE GREAT TAILWINDS

OUTSTANDING GROWTH IN WESTERN EUROPE

Especially Belgium and the Netherlands continue to grow at triple-digit rates despite reduced marketing activities

ONGOING SEQUENTIAL GROSS MARGIN IMPROVEMENTS

Higher market prices already at the start of the season offer great potential for the rest of the year

HEALTHY BALANCE SHEET POSITIONS DESPITE INTAKE QUARTER

Fresh products replaced old inventory to continue delivering on our fullservice value proposition

SEQUENTIAL MARGIN IMPROVEMENTS ONGOING

	2024
REVENUE GROWTH (YOY)	1 - 5%
ADJ. EBITDA MARGIN	0.7 – 4.2%

Guidance assumptions

• Revenues below the previous year as expected, mainly due to reduced promotional activities, especially at the beginning of the quarter
• Sequential profitability improvements mainly because of more favorable gross margins
• Return to growth expected for the second half of the year

EVENT	DATE
Annual General Meeting	June 14, 2024
Q2 2024 Results	August 8, 2024
Q3 2024 Results	November 6, 2024

Business Update

Outlook