Bike24 Holding AG

Investor Presentation • Nov 10, 2022

Q3 2022 EARNINGS CALL PRESENTATION

November 10, 2022

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.

Financial Update

Business Update

ACTIVE CUSTOMER BASE ON RECORD-HIGH LEVEL

More than 914k active customers (+14% YoY, LTM) at the end of September 2022, driven by strong new customer generation during quarter (+47% YoY)

TOTAL SALES UP +13% WITH STRONG FULL-BIKE SALES (+64%)

Full-bike sales grew exceptionally on the back of easing supply challenges and despite a worsening consumer sentiment

SALES IN LOCALIZED MARKETS ACCELERATED SIGNIFICANTLY

France outperforming with +334% sales growth driven by full-bike sales, Italy up +196% and Spain up +119%

Q3 ADJ. EBITDA MARGIN AT 3.3%

Adj. EBITDA margin mainly impacted by lower gross margin and increased personnel expenses but structural costs analysis ongoing

FULL-YEAR 2022 GUIDANCE REITERATED

In-line to achieve updated FY guidance of -5% to +5% sales growth and 3% to 6% adj. EBITDA margin

Financial Update

Business Update

DOUBLE-DIGIT INCREASE PRIMARILY LED BY STRONG NEW CUSTOMER GENERATION

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

FULL-BIKE PURCHASES BY NEW CUSTOMERS HAVE DIRECT IMPACT ON KPIs

1) Defined as revenue divided by number of active customers

2) Defined as revenue divided by the number of orders

PAC SEGMENT RECOVERED WHILE FULL-BIKE SALES ACCELERATED 3RD CONSECUTIVE QUARTER

Bikes PAC Bikes PAC

SALES IN LOCALIZED MARKETS ACCELERATE THIRD QUARTER IN A ROW; NOW AT 11% OF TOTAL SALES

Q3 REVENUE BY GEOGRAPHY

(IN EUR M)

Q3 2021 Q3 2022

WINTER SEASON INTAKE RESULTING IN PEAK INVENTORY POSITION BUT EXPECTED TO DECREASE FROM HERE

Bikes PAC

MAJORITY OF INVENTORY NON-SEASONAL WITH LOW RISK OF WRITE-DOWNS

Important to consider:

• Supply chains recovered faster than expected
• Orders going forward have been reduced significantly
• Q3 is most intense intake quarter due to seasonal inventory
• Abnormal low level of fullbike inventory in PY quarter
• Vast majority of orders placed before recent price increases

9M & Q3 AT A GLANCE

in % of Revenues	9M 2022	9M 2021	Change	Q3 2022	Q3 2021	Change
Gross Margin	27.6%	32.4%	(4.8pp)	24.8%	30.6%	(5.8pp)	Gross margin impacted by increased promotional activities
Performance Marketing	(1.3%)	(0.5%)	(0.8pp)	(1.2%)	(0.6%)	(0.6pp)	Marketing spending in line with H1 2022 to support launch in localized markets & new customer acquisition in DACH
Selling Costs	(8.5%)	(8.2%)	(0.3pp)	(8.9%)	(8.8%)	(0.1pp)
Contribution Margin	17.7%	23.7%	(5.9pp)	14.7%	21.2%	(6.5pp)
Personnel Expenses1	(9.2%)	(7.8%)	(1.4pp)	(8.7%)	(8.0%)	(0.8pp)	Increase in personnel expenses starts to slow down as investments in 2nd management level begin to normalize
Miscellaneous Expenses1	(3.0%)	(2.3%)	(0.6pp)	(2.7%)	(2.1%)	(0.6pp)
Adj. EBITDA Margin1	5.7%	13.6%	(7.9pp)	3.3%	11.1%	(7.8pp)

¹Adjustments of €885k for Q3 2022 (Q3 2021: €1,467k) and €2,275k for 9M 2022 (9M 2021: €7,319k) are mainly share option-based bonuses and SAP implementation costs, of which €480k for Q3 2022 (Q3 2021: €646k) are adjusted for personnel expenses and €406k for Q3 2022 (Q3 2021: €821k) are adjusted for miscellaneous expenses. Rounding differences may apply.

Financial Update

Business Update

EXCEPTIONAL DEVELOPMENT SHOWS STRONG DEMAND FOR OUR SERVICE PROPOSITION

ACCELERATION OF FULL-BIKE SALES SHOWS UNBROKEN DEMAND FOR PREMIUM BIKES

GROWTH RATE WITH +64% SIGNIFICANTLY ABOVE INDUSTRY-AVERAGE, HIGHLIGHTING SUPERIOR PRODUCT PORTFOLIO

E-BIKE SALES DOUBLED (+101% IN Q3) AS SUPPLY CHAIN CONSTRAINTS EASED SIGNIFICANTLY

PRODUCT AVAILABILITY OF KEY PRODUCTS IMPROVED AND STABILIZED ON HIGH LEVEL

GOVERNMENT INITIATIVES AND UNBROKEN TREND TOWARDS GREEN MOBILITY KEEP DEMAND STABLE

OPERATIONAL AND FINANCIAL FLEXIBILITY KEEP US IN COMFORTABLE POSITION

STRATEGIC INITIATIVES AHEAD OF PLAN

Full-bike sales and localized markets outperform significantly and confirm our initial game plan

ELEVATED INVENTORY ONLY TEMPORARY AND WITH MARGIN BENEFITS

Current inventory levels at peak, but with mostly non-seasonal products sourced at lower price points

ACTIVE COST MANAGEMENT AND BUDGET ALIGNMENT GOING FORWARD

First adjustments already implemented to set solid foundation for uncertain times without restricting further growth

FULL-YEAR 2022 GUIDANCE CONFIRMED

In line to achieve full-year guidance despite external conditions deteriorating significantly since guidance update in July

Financial Update

Business Update

EVENT	DATE
Q4 & FY 2022 Results	March 30, 2023
Q1 2023 Results	May 10, 2023
Annual General Meeting	June 27, 2023
Q2 2023 Results	August 10, 2023