Q4 & FY 2022 EARNINGS CALL PRESENTATION MARCH 30, 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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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.

Business Update

Outlook

ACTIVE CUSTOMER BASE ON NEW RECORD-HIGH

More than 954k active customers (+16% YoY, LTM) at the end of December 2022, driven by successful customer acquisition campaign

TOTAL SALES UP +3% WITH STRONG FULL-BIKE SALES (+97%)

Supported by easing supply chain challenges and e-bike sales almost tripling in Q4 2022

ACCELERATED SALES GROWTH IN LOCALIZED MARKETS

France again outperforming with +446% sales growth driven by full-bike sales, Italy up +317% and Spain up +88%

Q4 ADJ. EBITDA MARGIN AT NEGATIVE 3.1% AS EXPECTED

Adj. EBITDA margin mainly impacted by lower gross margins due to ongoing promotional activities across the industry

IMPROVED INVENTORY SITUATION

Progressed further on inventory liquidation through proactive inventory management

Business Update

Outlook

DRIVEN BY SUCCESSFUL NEW CUSTOMER ACQUISITION CAMPAIGN IN LOCALIZED MARKETS

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

Bikes PAC Bikes PAC

FULL-BIKE SHARE OF TOTAL SALES NOW AT 13% DESPITE WINTER SEASON

COVID-PANDEMIC AS A STEP-UP, NOT A ONE-OFF FOR THE INDUSTRY

GROUP REVENUES (TOTAL COMPANY)

(IN EUR M)

2019-2022 CAGR: 24%

FY 2022 revenues at upper end of updated guidance and significantly above industry growth rate
Confirms our previous statements regarding Covid as a step-up for the entire industry, not just a one-off
Once current headwinds fade, growth expected to return to >10% with less promotional activities

INCREASING POPULARITY OF LEASED BIKES OFFERS GREAT CROSS-SELLING POTENTIAL

SALES IN LOCALIZED MARKETS ACCELERATE FOURTH QUARTER IN A ROW; in Q4 AT 16% OF TOTAL SALES

Q4 REVENUE BY GEOGRAPHY

(IN EUR M)

SUCCESS IN SOUTHERN EUROPE IS A GREAT FOUNDATION FOR FURTHER INTERNATIONAL GROWTH

PROACTIVE PROCUREMENT MANAGEMENT RESULTING IN HEALTHIER INVENTORY

Bikes PAC

FY & Q4 AT A GLANCE

in % of Revenues	FY 2022	FY 2021	Change	Q4 2022	Q4 2021	Change
Gross Margin	26.4%	31.6%	(5.1pp)	22.4%	28.8%	(6.4pp)	Overcapacities across the industry leading to pricing pressures
Performance Marketing	(1.3%)	(0.6%)	(0.7pp)	(1.5%)	(1.2%)	(0.3pp)
Selling Costs	(8.6%)	(8.1%)	(0.5pp)	(9.1%)	(7.7%)	(1.4pp)	Higher (international) shipping & packaging costs
Contribution Margin	16.4%	22.8%	(6.4pp)	11.7%	19.8%	(8.1pp)
Personnel Expenses1	(9.4%)	(8.0%)	(1.4pp)	(10.3%)	(8.8%)	(1.5pp)	General increases in personnel costs
Miscellaneous Expenses1	(3.3%)	(2.6%)	(0.7pp)	(4.6%)	(3.5%)	(1.1pp)	Increased IT implementation as well as Tax/IFRS consulting costs
Adj. EBITDA Margin1	3.7%	12.2%	(8.5pp)	(3.1%)	7.6%	(10.7pp)

¹Adjustments of €172k for Q4 2022 (Q4 2021: €2,936k) and €2,448k for FY 2022 (FY 2021: €10,255k) are mainly share option-based bonuses and SAP implementation costs, of which negative €(128k) for Q4 2022 (Q4 2021: €1,291k) are adjusted for personnel expenses and €301k for Q4 2022 (Q4 2021: €1,645k) are adjusted for miscellaneous expenses. Rounding differences may apply.

Business Update

Outlook

INDUSTRY GROWTH SLOWDOWN ONLY TEMPORARY

STILL PROFITABLE ON OPERATIONAL LEVEL DESPITE DIFFICULT ENVIRONMENT

	2023
REVENUE GROWTH (YOY)	+0 - 10%

ADJ. EBITDA MARGIN	0 - 3.5%

Assumptions for 2023

Sequential top- and bottom-line improvement throughout 2023 with negative revenue growth and negative adj. EBITDA margin for Q1 2023 already included in current outlook
Retailers' inventories expected to normalize by H2 2023 as promotional activities clear out current overcapacities and gross margins returning to healthy levels
Return to positive cash flow generation in FY 2023 as inventory will be converted into cash