Elevating Champions

Earnings Call FY 2023

March 28, 2024

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 energy crisis, inflation, high interest rates 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 2023.

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.

Summary FY 2023PF

44.2

Key highlights

Exceeding upper end of revenue forecast (€175 million) by +7% with significant and highly profitable top-line growth across all business segments

Adjusted pro forma EBITDA and EBIT up by +41% compared to prior year, especially driven by highly accretive add-on acquisitions

Despite significant investments already made, high financial reserves available for future growth initiatives with cash and cash equivalents of €54 million

Adjusted pro forma

EBIT

Note: For definitions and detailed explanations of the alternative performance measures, please refer to page 94 onwards of our Annual Report 2023. 3

FY 2022 FY 2023

+41%

62.4

Continuously strong increase of adjusted EPS

Adjusted earnings per share (EPS) Highlights

(in €)

Strong performance of business segments lead to a doubling of adj. pro forma EPS from €0.64 in 2022 to €1.29 in 2023

Compound annual growth rate (CAGR) of +77% over the last three years

Proposal to Annual General Meeting to distribute a dividend of €0.22 per share

Revenue by quarter

(€ million) IHSE Bikeleasing Prior-year period Note: In 2023 revenue is not adjusted for reduced result from value step up anymore. 2022 figures are adjusted accordingly.

Deep dive: Seasonality of Bikeleasing

Bikeleasing expected to return to "normal" seasonality Comment

(monthly # of bikes facilitated in percent of year's volume)

Supply shortages due to COVID led to limited supply at bike retailers until some 12 months ago
Consumers therefore ordered bikes more evenly throughout the year, expecting longer delivery times
This led to an extraordinarily strong Q1 2023 and a "flattening" of the usual seasonality
As delivery times have returned to normal due to the available supply, seasonality is expected to return to its 6-year-average
This is expected to further intensify the already strong seasonality at Bikeleasing, leading to a reduced % of annual bikes brokered in Q1/Q4

Revenue by region

(€ million) IHSE Bikeleasing Prior-year period Note: In 2023 revenue is not adjusted for reduced result from value step up anymore. 2022 figures are adjusted accordingly.

KPIs by segment (pro forma)

(€ thousand)	Financial Technologies		Security Technologies		Central Functions and Consolidation		BKHT Group
	Pro forma FY 2023	FY 2022	FY 2023	FY 2022	FY 2023	FY 2022	Pro forma FY 2023	FY 2022
Revenue	146,213	106,623	40,468	36,086	(51)	2	186,631	142,712
Revenue growth	37.1%		12.1%		-		30.8%
Gross Profit	93,123	65,120	30,542	26,331	372	269	124,037	91,721
Gross Profit Margin	63.7%	61.1%	75.5%	73.0%			66.5%	64.3%
Adjusted EBITDA	63,081	43,938	11,088	8,617	(7,181)	(5,155)	66,988	47,400
Adjusted EBITDA Margin	43.1%	41.2%	27.4%	23.9%			35.9%	33.2%
Adjusted EBIT	60,070	41,980	9,670	7,485	(7,304)	(5,311)	62,437	44,155
Adjusted EBIT Margin	41.1%	39.4%	23.9%	20.7%			33.5%	30.9%

Total cash and cash equivalents of €54 million as per end of December 2023

Constant net leverage well below the target level…

Net debt calculation as per FY23 Highlights

Available financing capacity driven by significant deleveraging allows for future growth through new acquisitions

Conservative net leverage ratio of ~0.87x adj. pro-forma EBITDA 2023 (target value of ~2.5x) despite high payouts for sales agencies and share buyback

High balance sheet quality underlining resilience of our business

…despite significant investments in 2023

Highlights

Share buyback of €11m in December 2023 acquiring 4.6% of outstanding BKHT shares

Acquisition of 4 sales agencies of Bikeleasing for total cash-out of €19.5m

Bikeleasing distributed €35m to its shareholders

• €19.2m to the intermediate holding, which repaid debt

• €15.8m to the founders and external co-investor

Bikeleasing - Operational deep dive

Record year for Bikeleasing in terms of financial and operating KPIs

# of facilitated bikes grew by +28% to ~151,000

# of corporate customers grew to ~60k with ~3.3 million employees

Stable cash at ~€23m despite purchase of 4 sales agencies for €19.5m, voluntary repayment of the senior acquisition loan for €10m as well as a first dividend of €35m to its shareholders

Bikeleasing – Creating lasting value

Acquisition and integration of sales agencies Continued shift to variable leasing factor Completion of C-Level management

Successful acquisition of 4, previously external sales agencies and termination of the 5th
Internalization of sales teams allows for better orchestration of different sales channels and individual strengths
Sales agencies earned a total of ~€11m in commissions in 2022, which would have grown pro-rata the brokered bike volume, and will be saved now

Historically, customers were onboarded to the platform with fixed leasing factors (i.e. implicit interest rates underlying any contract)
With sharply increasing interest rates the margin earned per bicycle was hence squeezed (as seen in 2023)
To mitigate this risk going forward, Bikeleasing changed to a floating rate system beginning of 2023 and successfully converted already ~80% of their customers

C-Level management around the founders successfully complemented by:
- Chief Technology Officer
- Chief Financial Officer
- Chief People Officer
- Chief Operating Officer (starting in H2 2024)

IHSE – Operational deep dive

Further acceleration of revenue growth to +12.1% in 2023 especially due to a continued strong development in Americas and overall successful second half year

EBITDA margin of 27.4% significantly above previous year's level of 23.9% showcasing the operational leverage of the business

Improvement of gross profit not only due to positive top line development but also due to continuously increasing product gross profit margins

IHSE – Creating lasting value

Investing in new, cutting-edge products, commercialization of new technology and revenue streams, as well as intensified market presence in security and government verticals are drivers for continuous growth

Applications to bridge proprietary and IP based solutions with software-based KVM were launched, as well as the new generation of IP-based products

New markets in East-Asia and Oceania are now addressable for IHSE, generating future business opportunities while at the same time production capacity is established by increased automatization in Oberteuringen

Product and assembly roadmap for 2024

JPEG-XS video IP core (encoder/decoder)

Extended software-based KVM portfolio

NextGen extender platform

-

Establishment of Industry 4.0 assembly standards with integrated robotic solutions

Group Forecast FY 2024

Revenue

€220m - €240m

(2023: €187m | +18% to 29%)

Adj. EBITDA

€80m - €90m

(2023: €62m | +29% to +45%)

Medium-term Outlook 2025

(€ million)

Note: For additional details please see the ad-hoc announcements dated June 6, 2023 and March 22, 2024; Figures for 2021 include adjustment for decrease in earnings due to value step up.

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: [email protected] 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

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