home24 SE

Investor Presentation • Aug 16, 2022

home24 Q2/H1 2022 Earnings Presentation

August 16th 2022

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Management Summary Q2 2022

Positive adjusted EBITDA in Q2 - focus on strategic projects and increasing profitability

Order Intake Revenue

• Negative consumer sentiment reached levels that are even below the COVID period lows
• Despite that, only 15% GMV decline in Q2 2022 vs. strong Q2 '21 and reduced invest
• Q2 financials including Butlers figures post closing of transaction on 1st April 2022

• Revenue in Q2 at EUR 152m (-12% YoY CC, vs strong prior year of +41%), reflecting marketing spend discipline (EUR -5m/-23% vs Q2 2021)
• Q2 revenue still at 3Y increase of +86%, significantly above pre-COVID levels

Profitability

• Adj. EBITDA margin in Q2 2022 at +1% due to cost control and healthy order economics (returning back towards pre COVID levels, with Q2 Profit contribution margin at 30%, up +4%pp vs 26% in Q2 2021)
• Butlers integration progressing well and showing first effects

• Q2 cash flow from operating activities positive at EUR +8m
• Cash flow from investments at EUR -32m (primarily Butlers related)
• Cash position at Q2 end at EUR 66m

• Launch of curated marketplace in DE, increasing revenue potential without tying up additional capital; CH, AT, FR follow in H2
• Customer loyalty program "homeClub" for home24 and Butlers successfully launched
• Butlers offering especially strong during festive season, will be extended to home24

Cashflow Key Strategic Projects Current Trading & Outlook

• Long term growth opportunity remains intact. Short term focus on improving profitability and protecting cash
• 2022 revenue growth specified to now -7% to +3%
• Adjusted EBITDA margin outlook confirmed at +1% to +5%

3home24 at a glance

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Our mission:

to be the online destination in Home & Living for everyday people

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	Global Home & Living market1	> €560bn
Huge addressable	home24 footprint2 Home & Living market	> €110bn
market with low online penetration	home24 footprint2 Online Home & Living market	> €11bn

€0.5bn3 (~4-5% mkt. share)

Source: Euromonitor International

1. Home & Living market defined as Euromonitor Passport: Home and Garden categories "homewares" and "home furnishings" (2019).

2. home24 markets consist of Germany, France, Italy, the Netherlands, Belgium, Austria, Switzerland and Brazil

3. home24 revenue 2020

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Demographics, changes in consumer habits and technology boost online penetration further

Source: Euromonitor International (2019); Management Estimates

1. Consists of home24's target markets Germany, France, Italy, the Netherlands, Austria, Belgium, Switzerland and Brazil.

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We are a leading online Home & Living e-commerce platform in continental Europe and Brazil

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Home & Living mass market has category specific challenges which we have mastered, creating significant barriers to entry

• Products with high basket size / AOV and without established consumer brands in mass market
• 2
• Identify and source relevant assortment in a market with no brands and abundant product variety
• Inventory management: make bulky and high value items available at short delivery times and still remain working capital neutral 3 has cracked the code
• 4
• Scalable online demand largely in short tail generic search without brands

Extremely complex logistics and delivery for multi-component and heavy/bulky products

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We have built the best-in-class platform to drive profitable growth long term

Investments in growth to grab

market opportunity

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home24 has multi-dimensional drivers for sustainable long-term growth

STRUCTURAL GROW	+	MARKET PENETRATION	+	PLATFORM DEVELOPMENT, INCL. MARKETPLACE				+	MARKET EXPANSION
Benefit from increasing online penetration in mass market		Accelerate through further international roll-out of "go-to-market" approach		Enhance product offering in existing categories	Introduce new categories e.g. to drive purchase frequency	Enhance shopping journey to increase brand loyalty	Adopt new technologies to foster competitive advantage		Expand into new geographies and capitalize on high market fragmentation

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Well positioned to develop our business further even in the face of current market tensions to exploit massive market opportunity

11

Business Update Focus on Europe

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Market & visibility remain impacted by negative consumer sentiment, protective measures implemented already in Q2

• Consumer sentiment in Q2 2022 at an all-time low
• We expect the reduced propensity to consume to persist
• Still, home24 well positioned and proactively managing priorities:
  • Butlers integration strengthens private label position & revenue share of lower ticket items and showed resilience in previous downturns
  • Marketplace launch increases choice to drive conversion rates and appeal to e.g. also more price sensitive customers
  • Initiatives implemented to protect and drive profitability and cash:
    • We introduced delivery charges in our webshops in EU in Q2
    • Marketing costs flexibly scalable up/down at disciplined ROI (ref: Q2 marketing spend -23% vs Q2 2021, esp. reduced ATL)
    • Adjustments of fix costs and investment priorities to current demand environment realized in Q2

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Curated marketplace successfully launched in Germany in July 2022

• Closed, curated marketplace on home24.de successfully launched in DE in July, after sot-launch in May
• Already more than 100k marketplace products live from c. 110 vendors
• Largest additions to small item offering, but in general completing existing rooms and filling gaps in the assortment first priority
• Promising order intake development with marketplace growth trajectory gaining traction each week since go-live
• Broader choice enables more efficient customer acquisition and drives repeat purchases
• Esp. in difficult consumer environment, swift extension of lower price offering is adding optionality
• Roll out of curated marketplace to further geographies in AT, CH and FR still planned for H2 2022
• Releasing internal sourcing team capacity to double down on our differentiating private label offering

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Successful integration of Butlers as part of home24 since Q2 2022 - Butlers assortment gaining significant traction on home24 websites

Small

• Butlers successfully integrated in home24 webshops and already in the Top 10 of vendors in DE
• Vice versa a limited set of curated home24 private label products to go live on butlers.com
• First combined retail formats in live-test phase in Berlin, Göttingen and Freiburg (opening 20.8.)
• Started to coordinate cost synergies, especially in logistic operations and sourcing
• Even in the challenging consumer environment, Butlers drives group profitability adding > EUR 2m adj. EBITDA at ~10% adj. EBITDA margin in Q2
• Further milestones for H2 include scaling of joint loyalty program, combined festive season campaigns and rollout of curated home24 assortment in > 30 Butlers retail stores

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Joint home24 x Butlers loyalty program "homeCLUB" launched July 28

Sign-up via home24 app, i.e. store visitors load the app

Key benefits incl. in-store as well as app/online promotions

Next to in-store also promoted via CRM & Social Media

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Aim to best promote offline to online & online to offline customer journeys

17

Q2/H1 2022 Financial Update

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Reduced GMV YoY as a result of consumer sentiment downturn and strong previous year comparables

GMV in EURm, Active customers and Total gross orders in k, Average order value in EUR

Group	Q2-22
GMV	193
GMV Growth CC	-15%
GMV Online	155
GMV Online Growth CC	-29%
GMV Offline	38
GMV Offline Growth CC	263%
Number of Orders Online	587
Number of Orders Online Growth	-25%
AOV Online	264
AOV Online Growth	-2%
Active Customers Online	2.078
Active Customers Online Growth	-14%

Europe	Q2-22
GMV	153
GMV Growth	-15%
GMV Online	127
GMV Online Growth	-28%
GMV Offline	27
GMV Offline Growth	508%
Number of Orders Online	412
Number of Orders Online Growth	-17%
AOV Online	307
AOV Online Growth	-13%
Active Customers Online	1.367
Active Customers Online Growth	-3%

LatAm	Q2-22
GMV	40
GMV Growth CC	-16%
GMV Online	28
GMV Online Growth CC	-30%
GMV Offline	11
GMV Offline Growth CC	68%
Number of Orders Online	175
Number of Orders Online Growth	-38%
AOV Online	162
AOV Online Growth	38%
Active Customers Online	711
Active Customers Online Growth	-28%

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Revenue in Q2 2022 at EUR 152m (-12% vs Q2 2021) still represents a 3y growth rate of 86%

Revenue in EURm and Growth YoY in %

Group

Declining revenue despite Butlers acquisition as of Q2 as a result of weaker demand environment

Europe

Butlers contributes EUR 24m to overall revenue of EUR 123m in Q2 which represents a 3Y growth rate of 92%

Latin America

Solid revenue development with +5% growth supported by FX tailwinds vs. constant currency view

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Adj. EBITDA margin increased to +1% in Q2 despite challenging demand environment and in contrast to market trend

Adj. EBITDA in EURm and in % of Revenue

Group

Positive development on all unit economics vs. Q1 even excluding Butlers. Lower profitability vs. PY a result of missing operating leverage from lower topline

Europe

Butlers strengthening overall profitability level in EU. Also excluding Butlers EU with positive AEBITDA margin of 1% in Q2

Latin America

Similar performance as in Q1, difficult consumer sentiment meeting post-IPO investments into Megastores and Warehouse capacity

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Cash position of EUR 66m after closing of Butlers acquisition

Group cash flow in EURm

• Positive operating cash flow through positive AEBITDA and Working Capital effects
• Investing cash flow predominantly linked to Butlers base price payment of EUR 27m
• EUR 11m cash inflow through new borrowings partly compensate for repayment of existing credit facilities at Butlers of EUR 15m

Significant cash tied up in inventories post Butlers acquisition. Strong inventory position advantageous in volatile market environment

Group inventory in EURm

• Inflated inventory position of EUR 93m (EU: EUR 74m) leaves significant potential for further cash generation
• Inventory levels elevated due to weaker demand environment; sufficient warehouse capacities available
• Current buying prices well above the current stock valuation
• Butlers business structurally with high working capital ahead of peak season in Q4
• Inventory levels expected to decrease continuously over the next three quarters
• Still no intention to push out inventory with meaningful negative margin impact

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Butlers acquisition successfully closed 1st of April, with cash payments of EUR 27 m post Net Debt deductions in Q2

Outlook and Q&A

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home24 remains focused on improving profitability and strategic projects

• home24 value proposition improved with recent business model extensions of the Butlers acquisition and the marketplace launch.
• Trading to date in Q3 with similar market trends as Q2, and lower baseline from previous year. No meaningful improvements in consumer sentiment expected in H2 2022.
• Revenue growth in constant currency set around the lower end of the initial guidance range (+2% to +17%), now at -7% and +3%.
• Guidance on adjusted EBITDA margin confirmed (+1% to +5%).
• Short term key priority to reach cash break-even in Europe.
• Long term growth opportunity remains intact. Nevertheless short term management focus on sustainable profit improvements and cash management given poor visibility. For the same reason, also not possible to provide reliable timeframe for communicated mid-term goal of EUR 1bn in revenues, as linked to when demand patterns return to normal.

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Summary of the financial performance - Group

In EURm and % of Revenue

	Q1-21	Q1-22	Q2-21	Q2-22	H1-21	H1-22
Revenue	159,0	140,2	166,1	151,9	325,1	292,1
Revenue growth	55%	-12%	40%	-9%	47%	10%
Revenue growth CC	64%	-14%	41%	-12%	52%	-13%
Cost of sales	86,7	80,1	95,0	82,6	181,6	162,7
Gross profit	72,4	60,2	71,1	69,3	143,5	129,4
Gross profit margin	46%	43%	43%	46%	44%	44%
Fulfillment expenses1	26,5	24,0	27,3	23,5	53,8	47,5
Fulfillment expenses ratio	17%	17%	16%	15%	17%	16%
Profit contribution	45,8	36,2	43,8	45,8	89,6	81,9
Profit contribution margin	29%	26%	26%	30%	28%	28%
Marketing expenses	30,1	24,4	23,5	18,0	53,6	42,3
Marketing expenses ratio	19%	17%	14%	12%	16%	14%
Adjusted EBITDA	0,6	-6,1	4,1	1,7	4,7	-4,4
Adjusted EBITDA margin	0%	-4%	2%	1%	1%	-2%

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Summary of the financial performance - Europe

In EURm and % of Revenue

	Q1-21	Q1-22	Q2-21	Q2-22	H1-21	H1-22
Revenue	133,3	113,5	138,3	122,8	271,5	236,3
Revenue growth	69%	-15%	42%	-11%	54%	-13%
Cost of sales	71,7	63,8	77,6	64,7	149,3	128,5
Gross profit	61,6	49,7	60,6	58,0	122,2	107,8
Gross profit margin	46%	44%	44%	47%	45%	46%
Fulfillment expenses1	22,8	20,7	23,5	19,9	46,3	40,6
Fulfillment expenses ratio	17%	18%	17%	16%	17%	17%
Profit contribution	38,8	29,0	37,1	38,1	75,9	67,1
Profit contribution margin	29%	26%	27%	31%	28%	28%
Marketing expenses	26,9	21,7	20,1	14,8	47,0	36,5
Marketing expenses ratio	20%	19%	15%	12%	17%	15%
Adjusted EBITDA	0,5	-5,0	4,6	3,5	5,1	-1,5
Adjusted EBITDA margin	0%	-4%	3%	3%	2%	-1%

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HEX: #f05643 RGB: (240, 86, 67)

HEX: #f8b5aa RGB: (248, 181, 170)

HEX: #ffd5c4 RGB: (255, 213, 196)

HEX: #4fe3d7 RGB: (79, 227, 215)

HEX: #1dabbc RGB: (29, 171, 188)

HEX: #2c6675 RGB: (44, 102, 117)

Summary of the financial performance - LatAm

In EURm and % of Revenue

	Q1-21	Q1-22	Q2-21	Q2-22	H1-21	H1-22
Revenue	25,8	26,7	27,8	29,2	53,6	55,8
Revenue growth	10%	4%	29%	5%	19%	4%
Revenue growth CC	47%	-8%	39%	-14%	43%	-11%
Cost of sales	15,0	16,2	17,3	17,9	32,3	34,2
Gross profit	10,8	10,5	10,5	11,2	21,3	21,6
Gross profit margin	42%	39%	38%	39%	40%	39%
Fulfillment expenses1	3,8	3,3	3,8	3,6	7,5	6,9
Fulfillment expenses ratio	15%	12%	14%	12%	14%	12%
Profit contribution	7,0	7,2	6,7	7,7	13,8	14,7
Profit contribution margin	27%	27%	24%	26%	26%	26%
Marketing expenses	3,2	2,6	3,4	3,2	6,6	5,8
Marketing expenses ratio	12%	10%	12%	11%	12%	10%
Adjusted EBITDA	0,1	-1,1	-0,5	-1,7	-0,4	-2,9
Adjusted EBITDA margin	0%	-4%	-2%	-6%	-1%	-5%

HEX: #ebebeb RGB: (235, 235, 235)

RGB: (255,255,255)

HEX: #ffffff

HEX: #f05643 RGB: (240, 86, 67)

HEX: #f8b5aa RGB: (248, 181, 170)

HEX: #ffd5c4 RGB: (255, 213, 196)

HEX: #4fe3d7 RGB: (79, 227, 215)

HEX: #1dabbc RGB: (29, 171, 188)

HEX: #2c6675 RGB: (44, 102, 117)

Cashflow breakdown by segments

In EURm

Group	Q2-22
Cash BOP	101,3
Adjusted EBITDA	1,7
Change in Net Working Capital	7,0
Others	-0,4
Cash Flow from operating activities	8,3
Cash Flow from investing activities	-32,1
Leasing payments	-7,9
Other	-3,0
Cash Flow from financing activities	-11,0
Effect of exchange rate changes on cash and cash equivalents	-0,9
Cash EOP	65,7

Europe	Q2-22
Cash BOP	62,5
Adjusted EBITDA	3,5
Change in Net Working Capital	0,9
Others	0,1
Cash Flow from operating activities	4,4
Cash Flow from investing activities	-29,1
Leasing payments	-6,6
Other	-3,0
Cash Flow from financing activities	-9,6
Effect of exchange rate changes on cash and cash equivalents	0,0
Cash EOP	28,2

LatAm	Q2-22
Cash BOP	38,8
Adjusted EBITDA	-1,7
Change in Net Working Capital	6,1
Others	-0,4
Cash Flow from operating activities	3,9
Cash Flow from investing activities	-3,0
Leasing payments	-1,3
Other	0,0
Cash Flow from financing activities	-1,3
Effect of exchange rate changes on cash and cash equivalents	-0,9
Cash EOP	37,5

HEX: #ebebeb RGB: (235, 235, 235)

RGB: (255,255,255)

HEX: #ffffff

HEX: #f05643 RGB: (240, 86, 67)

HEX: #f8b5aa RGB: (248, 181, 170)

HEX: #ffd5c4 RGB: (255, 213, 196)

HEX: #4fe3d7 RGB: (79, 227, 215)

HEX: #1dabbc RGB: (29, 171, 188)

HEX: #2c6675 RGB: (44, 102, 117)

Financial calendar

Upcoming events

DATE	EVENT
August 16th	Publication half-yearly financial report
August 24th	HIT (Hamburger Investorentag)
September 6th	Equity Forum - German Fall Conference 2022
September 20th	Berenberg and Goldman Sachs German Corporate Conference
November 15th	Publication quarterly financial report (call-date Q3)
November 16th	GBC Münchener Kapitalmarkt Konferenz

HEX: #ebebeb RGB: (235, 235, 235)

RGB: (255,255,255)

HEX: #ffffff

HEX: #f05643 RGB: (240, 86, 67)

HEX: #f8b5aa RGB: (248, 181, 170)

HEX: #ffd5c4 RGB: (255, 213, 196)

HEX: #4fe3d7 RGB: (79, 227, 215)

HEX: #1dabbc RGB: (29, 171, 188)

HEX: #2c6675 RGB: (44, 102, 117)

KPI definitions

KPI	DEFINITION
Gross merchandise volume [in EUR]	Defined as the value of all merchandise sold in the respective period, including VAT, before cancellations, returns or post order rebates.
Gross merchandise volume online [in EUR]	Defined as the value of all merchandise sold online (e.g via webshops, marketplaces) in the respective period, including VAT, before cancellations, returns or post order rebates.
Gross merchandise volume offline [in EUR]	Defined as the value of all merchandise sold offline (e.g. from retail stores, outlets) in the respective period, including VAT, before returns or post order rebates.
Number of active customers online [#]	Defined as the number of customers that have placed at least one non-canceled order in the 12 months prior to the respective date, without factoring in returns.
Number of orders online [#]	Defined as the number of orders placed through online channels in the respective period, before cancellations or returns.
Average order value online [in EUR]	Defined as the aggregated gross order value of the orders placed in the respective period, including VAT, divided by the number of orders, without factoring in cancellations and returns as well as subsequent discounts and vouchers.
Growth at constant currency (CC)	Defined as growth using constant BRL/EUR exchange rates from the previous year.
Adjusted EBITDA [in EUR]	EBITDA defined as earnings before interest, taxes, depreciation and amortization. Adjustments include share-based payments and one-off costs incurred in the current financial year in connection with the acquisition of the Butlers Group and, in the same period of the previous year, expenses in connection with the IPO of the subsidiary Mobly S.A. in February 2021.

HEX: #ebebeb RGB: (235, 235, 235)

RGB: (255,255,255)

HEX: #ffffff

HEX: #f05643 RGB: (240, 86, 67)

HEX: #f8b5aa RGB: (248, 181, 170)

HEX: #ffd5c4 RGB: (255, 213, 196)

HEX: #4fe3d7 RGB: (79, 227, 215)

HEX: #1dabbc RGB: (29, 171, 188)

HEX: #2c6675 RGB: (44, 102, 117)

Disclaimer

This presentation has been prepared by home24 SE (the "Company"). All material contained in this document and the information presented is for information purposes only and does not purport to be a full or complete description of the Company and its affiliated entities. This presentation must not be relied on for any purpose.

This presentation contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of the Company. Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this presentation or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements.

This presentation contains certain financial measures that are not calculated in accordance with IFRS and are therefore considered "non-IFRS financial measures". The management of the Company believes that these non-IFRS financial measures used by the Company, when considered in conjunction with, but not in lieu of, other measures that are computed in accordance with IFRS, enhance an understanding of the Company's results of operations, financial position and cash flows. A number of these non-IFRS financial measures are also commonly used by securities analysts, credit rating agencies and investors to evaluate and compare the periodic and future operating performance and value of other companies with which the Company competes. These non-IFRS financial measures should not be considered in isolation as a measure of the Company's profitability or liquidity, and should be considered in addition to, rather than as a substitute for, income data or cash flow data prepared in accordance with IFRS. In particular, there are material limitations associated with the use of non-IFRS financial measures, including the limitations inherent in determination of each of the relevant adjustments. The non-IFRS financial measures used by the Company may differ from, and not be comparable to, similarly-titled measures used by other companies.

Certain numerical data, financial information and market data, including percentages, in this presentation have been rounded according to established commercial standards. Furthermore, in tables and charts, these rounded figures may not add up exactly to the totals contained in the respective tables and charts.