Bike24 Holding AG

Investor Presentation • Mar 22, 2024

FY 2023 EARNINGS CALL PRESENTATION MARCH 22, 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

TOTAL SALES DOWN -13% BUT STRONG FULL-BIKE SALES (+25%)

Investments into full-bike segment pay off and show high cycling commitment and interest from customers

DOUBLE-DIGIT SALES GROWTH IN LOCALIZED MARKETS

Newly localized markets BeNeLux (+41%) outperforming France, Italy & Spain (+10% combined)

FULL-YEAR ADJ. EBITDA MARGIN AT NEGATIVE 1.3%

Dragged down by higher inventory write-downs, promotional activities and higher general costs throughout the year

HEALTHY INVENTORY POSITION AS PROMISED

Especially PAC inventory was reduced significantly vs. Dec 22 (-22%) as well as vs. Sep 23 (-17%)

TOP- AND BOTTOM-LINE IMPROVEMENTS EXPECTED FOR FY 2024

Guidance assumes sales growth of 1 - 5% at an adj. EBITDA margin of 0.7 – 4.2%

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 OUTPERFORMING INDUSTRY

8

BUT CURRENT HEADWINDS CAUSING TEMPORARY PAUSE IN GROWTH

GROUP REVENUES (TOTAL COMPANY)

(IN M EUR)

•	Current dip mainly a result of missing PAC
	sales due to downtrading or postponement
	of purchases

• Unfavorable weather during the first half of the year led to a slow start to the season and required increased promotional activity to stimulate demand and reduce overcapacities

SIGNAL ONGOING DESIRABILITY FOR PREMIUM BIKES

BUT DACH SALES NEGATIVELY AFFECTED BY ONGOING WEAK CONSUMER SENTIMENT

FY REVENUE BY GEOGRAPHY

(IN EUR M)

AND CONFIRM FEASIBILITY OF INTERNATIONAL PLAYBOOK ACROSS EUROPE

GROUP REVENUES (LOCALIZED MARKETS¹ )

(IN M EUR)

• Launch of BeNeLux markets beginning of 2023 was very promising with number of new customers tripling in Belgium and the Netherlands
• Exits of big competitors (e.g. Bikester in Italy and Spain) offer great opportunities for further market share gains

1) Localized markets: Spain, France, Italy, Belgium, the Netherlands & Luxemburg combined. Previous year figures were adjusted to reflect all six countries.

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

Bikes PAC

FY & Q4 AT A GLANCE

in % of Revenues	FY 2023	FY 2022	Change	Q4 2023	Q4 2022	Change
Gross Margin	24.2%	26.4%	(2.2pp)	21.3%	22.4%	(1.1pp)	Unusually high inventory write downs; 85% were recorded in Q4
Performance Marketing	(1.5%)	(1.3%)	(0.1pp)	(1.9%)	(1.5%)	(0.4pp)	Targeted marketing campaigns to support localization in Belgium and the Netherlands Primarily related to a shift from external to internal IT staff & wage inflation despite significantly fewer FTEs in admin functions
Selling Costs	(9.3%)	(8.6%)	(0.7pp)	(9.2%)	(9.1%)	(0.1pp)
Contribution Margin	13.4%	16.4%	(3.0pp)	10.3%	11.7%	(1.4pp)
Personnel Expenses1	(10.9%)	(9.4%)	(1.5pp)	(12.4%)	(10.3%)	(1.9pp)
Miscellaneous Expenses1	(3.8%)	(3.3%)	(0.5pp)	(4.9%)	(4.6%)	(0.3pp)
Adj. EBITDA Margin1	(1.3%)	3.7%	(5.0pp)	(7.0pp)	(3.1%)	(4.0pp)

¹Adjustments of €336k for Q4 2023 (Q4 2022: €172k) and €3,174k for FY 2023 (FY 2022: €2,448k) are mainly share option-based bonuses and SAP implementation costs, of which negative €(78k) for Q4 2023 (Q4 2022: €128k) are adjusted for personnel expenses and €415k for Q4 2023 (Q4 2022: negative €(301k)) are adjusted for miscellaneous expenses. Rounding differences may apply.

Business Update

Outlook

KEEPING THE COMPANY ON A SOLID FOUNDATION

FULL-BIKE SALES WITH ONGOING STRONG GROWTH

Full-Bike initiative according to plan and above industry growth rates offer great follow-up sales potential

FURTHER PROGRESS ON LOCALIZATION STRATEGY

With Belgium and the Netherlands leading the way, also southern European markets posted strong sales growth

LOWER INVENTORY BY YEAR-END AS PROMISED

Inventory target of "below EUR 80m" comfortably achieved to start the year with healthier product mix

SEQUENTIAL MARGIN IMPROVEMENTS EXPECTED

2024
1 - 5%
0.7 – 4.2%

Assumptions for 2024

• Return to growth expected for second half of 2024 as demand for full-bikes is holding up and PAC segment is expected to recover
• Improvement in adj. EBITDA margin is mainly derived from improved gross margin and to a smaller extent additional cost savings
• Guidance is under the assumption that both the macroeconomic environment and consumer sentiment do not deteriorate significantly

EVENT	DATE
Virtual Roadshow (Montega)	April 3, 2024
Q1 2024 Results	May 2, 2024
Annual General Meeting	June 14, 2024
Q2 2024 Results	August 8, 2024
Q3 2024 Results	November 6, 2024

Business Update

Outlook