Bike24 Holding AG

Earnings Release • Aug 10, 2023

Q2 2023 EARNINGS CALL PRESENTATION August 10, 2023

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.

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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 in this presentation are unaudited.

Financial Update

Business Update

SEQUENTIAL PROFITABILITY IMPROVEMENT

ACTIVE CUSTOMER BASE GROWING TO NEW HIGH

More than 988k active customers (+17% YoY, LTM) at the end of June 2023, driven by new customers, especially in newly localized markets

TOTAL SALES DOWN -6% BUT STRONG FULL-BIKE SALES (+25%)

Ongoing double-digit full-bike sales growth despite unfavorable weather conditions at the start of the season; total sales share now at 18%

FURTHER SALES GROWTH IN LOCALIZED MARKETS

Newly localized markets Belgium (+78%) and the Netherlands (82%) outperforming but also France continues to grow strongly (+41%)

Q2 ADJ. EBITDA MARGIN WITH 0.9% BACK AT OPERATIONAL PROFIT

Adj. EBITDA margin lower than originally expected due to ongoing promotional activities but sequential improvement versus first quarter (Q1 2023: -4.7%)

Financial Update

Business Update

DRIVEN BY HIGH NUMBER OF NEW CUSTOMERS ESPECIALLY IN BELGIUM AND THE NETHERLANDS

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

HIGH NUMBER OF NEW CUSTOMERS IMPACTING ACTIVE CUSTOMER KPIs

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders

FULL-BIKE SHARE OF TOTAL SALES NOW AT 18% DESPITE UNFAVORABLE WEATHER

GROWTH DRIVEN BY BELGIUM, THE NETHERLANDS AND FRANCE

Q2 REVENUE BY GEOGRAPHY

(IN EUR M)

FIRST AND SECOND QUARTERS SERVE AS INTAKE QUARTERS ESPECIALLY IN FULL-BIKE SEGMENT

• Inventory decrease versus June 2022 as the strategic measures are showing first results
• Significant decrease in PAC segment (-14%) as overstock was successfully cleared or replaced with a more cautious approach to fresh inventory
• Full-bike inventory more than doubled as strategic initiatives to increase full-bike sales share are still in place and stock availabilities improved
• Inventory increase versus December 2022 as the first quarter serves as intake quarter for the season

H1 & Q2 AT A GLANCE

in % of Revenues	H1 2023	H1 2022	Change	Q2 2023	Q2 2022	Change
Gross Margin	23.8%	29.1%	(5.3pp)	25.8%	29.8%	(4.0pp)	Gross margin improvement versus Q1 (+4.3pp) but still
Performance Marketing	(1.4%)	(1.4%)	(0.0pp)	(1.4%)	(1.7%)	0.3pp	highly promotional environment
Selling Costs	(9.6%)	(8.3%)	(1.3pp)	(9.7%)	(8.2%)	(1.5pp)	Significant increase (+8%) in third-party carrier costs
Contribution Margin	12.8%	19.5%	(6.6pp)	14.7%	19.9%	(5.2pp)
Personnel Expenses1	(11.0%)	(9.4%)	(1.6pp)	(10.4%)	(9.1%)	(1.3pp)	General wage increases and further international hiring
Miscellaneous Expenses1	(3.6%)	(3.1%)	(0.6pp)	(3.4%)	(3.1%)	(0.4pp)	offset savings in HQ staff costs
Adj. EBITDA Margin1	(1.7%)	7.1%	(8.8pp)	0.9%	7.9%	(6.9pp)

¹Adjustments of € 1,210k for Q2 2023 (Q2 2022: € 735k) and € 2,265k for H1 2023 (H1 2022: € 1,390k) are mainly share option-based bonuses and SAP implementation costs, of which € 356k for Q2 2023 (Q2 2022: € 473k) are adjusted for personnel expenses and € 854k for Q2 2023 (Q2 2022: € 262k) are adjusted for miscellaneous expenses. Rounding differences may apply.

Financial Update

Business Update

GUIDANCE ADJUSTMENT AS A RESULT OF ONGOING MACROECONOMIC CHALLENGES

	2023
REVISED1 REVENUE GROWTH (YOY)	-10 TO -5%
REVISED1 ADJ. EBITDA MARGIN	-1 TO 1%

• Unfavorable weather led to a shift and partial loss of essential startof-season period with high full-price share to recover margins throughout the second quarter
• Ongoing high inflation rates drag on consumer sentiment and lead to downtrading even among higherearning customers
• Challenging to predict the cycling market for the next months due to several external negative indicators

KEEPING THE COMPANY ON A STABLE FOUNDATION

EXECUTE TOWARDS FURTHER GROSS MARGIN IMPROVEMENTS

Operational focus will be on gross margin improvements through strategic pricing as well as more conscious sourcing

FOCUSED MARKETING APPROACH GOING FORWARD

Marketing resources will be re-allocated after a detailed evaluation to markets with the greatest return on investment

POSITIVE OPERATING CASH FLOW GENERATION FULL COST CONTROL

XX Cash position to be regularly reviewed to minimize non-strategic spending and deviations from liquidity plan

Financial Update

Business Update

EVENT	DATE
Montega HIT-Conference (Hamburg)	August 24, 2023
German Corporate Conference (Munich)	September 19, 2023
Q3 2023 Results	November 2, 2023
Deutsches Eigenkapitalforum (Frankfurt)	November 27-29, 2023