The Platform Group AG

Investor Presentation • Sep 14, 2022

Berenberg and Goldman Sachs Eleventh German Corporate Conference 19 September 2022

TODAY'S AGENDA

1 fashionette at a glance

• 2 Addressable market
• 3 Business model
• 4 Achievements in FY 2021
• 5 H1 / Q2 2022 highlights

6 Résumé

7 Q&A

THE MANAGEMENT BOARD: EXTENSIVE E-COMMERCE EXPERIENCE

Operations, Performance Marketing, Business Intelligence, Product Management, IT

Thomas Buhl COO / CTO

• Amazon (11 years); Sr. Category Leader
• Avenso; COO

CEO

• Amazon (16 years); Group Director
• HolidayCheck Group AG CEO
• Thrasio; VP Europe/India

FASHIONETTE AT A GLANCE

OUR VISION

BECOMING THE NUMBER ONE EUROPEAN DATA-DRIVEN E-COMMERCE GROUP FOR PREMIUM AND LUXURY FASHION ACCESSORIES

FASHIONETTE AT A GLANCE I

FASHIONETTE AT A GLANCE II

OUR ADDRESSABLE MARKET

… is highly resilient … is growing … will be expanded by us

OUR BUSINESS MODEL

… is focused on profitable growth … is supported by strong unit economics … resonated with our customers

OUR ACHIEVEMENTS IN 2021

… beauty launch

• … own brand strength
• … first acquisition: Brandfield (NL)

Setting the base for continuous profitable growth

OUR MISSION BASED ON OUR UNIQUE BRAND POSITIONING

premium and luxury fashion accessories available to every woman.

How we keep this inspiration alive:

• More than 25,000 SKUs from over >300 designer brands
• attractive prices for every budget
• customer-oriented payment options
• unique customer experience

ADDRESSABLE MARKET

LARGE AND EXPANDING TOTAL ADDRESSABLE MARKET OPPORTUNITY

We are unlocking large, multi-billion-euro TAMs1

Sources: Statista Consumer Market Outlook July 2020

¹ Total addressable market (TAM) in terms of market revenue in 2019 2 Active market: Leather goods, footwear, eyewear, Beauty – note: excludes Jewelry

³ CAGR of total online revenue for luxury leather goods

OUR MARKET IS RESILIENT AND CONTINUES TO GROW

Source: Altagamma – Bain luxury market monitor 2021

BUSINESS MODEL

DRIVE OWN BRAND DEVELOPMENT

12% own brand share in 2021

+155% growth YoY

21% of revenue1 done via IsabelBernard.com

Targets:

• Drive improved margin over time
• First diamond collection of Isabel Bernard in 2022
• Joint own brand of Brandfield + fashionette in 2022

STRONG UNIT ECONOMICS SUPPORT PROFITABILITY

…WHILE CAC** ARE WELL IN LINE DIVERSIFIED PORTFOLIO THAT RESONATES WITH OUR CUSTOMERS

• 86% of returning customers bought products from ≥2 Brands
• ~75% of returning customers bought products from ≥2 categories
• fashionette is seen as one of the top 5 online platforms1

* AOV – (Order Value divided by the number of orders in the measurement period) based on the latest published full year reporting

** CAC - Customer Acquisition Cost (marketing costs during a specific period divided by the number of new customers acquired during the same period and who have bought more than once) ¹ Study conducted in summer of 2021, fashionette is one of the key online platforms among women starting at the age of 18

CUSTOMER PROFITABILITY I S REACHED IN THE FIRST 6 MONTHS

CUSTOMER ACQUISITION COSTS AND CUSTOMER LIFETIME VALUE

fashionette only

* H1 Cohort for CLV 180 days

CAC - Customer Acquisition Cost (marketing costs during a specific period divided by the number of new customers acquired during the same period and who have bought more than once)

CLV - Customer Lifetime Value (gross profit less logistics and payment costs attributable to a particular customer cohort that has bought more than once and were all acquired during a specific period, since the acquisition of such customers)

Q2 / H1 2022 HIGHLIGHTS

H1/Q2 2022 HIGHLIGHTS

ál

Net revenue growth of +5% YoY pro forma despite the development of the geopolitical situation and the volatility of the macroeconomic environment (+50% YoY consolidated)

Record active customer base of more than 1 million in the last twelve months (+15.3% YoY pro forma)

Further efficiency improvement in marketing in Q2 2022 with customer acquisition costs -8% QoQ

2022

Improved operating cash flow in Q2 2022 led to EUR 9.6m available liquidity

Reconfirmed guidance for 2022

MY FIRST 60 DAYS

Market: Attractive market segment provides solid growth potential

Operations: Confirmed robust foundation backed by strong operational fundamentals, technology and data-driven decision making

Team: Committed and engaged teams which are passionate to continuously optimize customer experience

Brand: Strong brand awareness for shopping platforms fashionette and Brandfield, plus growing business with our own fashion brands

Customers: The best customers in the world

Opportunities:

Integration - Start next phase of leveraging Brandfield acquisition Resilience - Enable profitable growth through any headwind Expansion - Drive smart opportunities in selection and geographies

CONTINUED GROWTH IN Q2, SETTING PACE FOR THE REST OF THE YEAR

DACH* +3% BENELUX** -6% OTHERS +27% Pro forma

• § Strong growth of +15.3% in the number of active customers (Q2 2022)
• § Benelux was impacted by lower sales in the Netherlands
• § Others benefitted mostly from operations in United Kingdom, Italy, Sweden and France

CONTINUED GROWING NUMBER OF ORDERS WITH A SLIGHT INCREASE IN AOV

• § fashionette: continued strong growth in the number of orders (+14.8% YoY) in Q2 2022
• § Brandfield: growing number of orders (+5.1% YoY) in Q2 2022
• § AOV slightly increases YoY, Brandfield improves AOV by +4.4%
• § Brandfield's AOV increase driven by positive synergy effects in the category handbags (order value +63.1% YoY)
  • 20

RECORD ACTIVE CUSTOMER BASE OF MORE THAN 1 MILLION (LTM)

• § Growing number of new customers in Q2 2022 (+5.3% YoY)
• § Flat growth H1 2022 strongly impacted by the geopolitical climate and the volatility of the macroeconomic environment

• § Continued growth in the number of active customers on both platforms
• § End of H1 2022 with +30.9k more active customers since end of 2021
  • 21

MARKETING EFFICIENCY FURTHER IMPROVED IN Q2 2022

MARKETING COST PER ORDER

Pro forma Pro forma

CUSTOMER ACQUISITION COSTS (CAC)

§ Decreased marketing cost per order in H1 2022 mainly driven by significantly improved marketing efficiency at fashionette

• § Strong CAC improvement in Q2 compensating higher CAC in Q1 (EUR 35.0), resulting in +2.5% in H1 2022 YoY
• § fashionette gains efficiency in CAC à EUR 50.5 in H1 2022 vs. EUR 54.2 in H1 2021

FINANCIAL PERFORMANCE H1 2022

	H1 2021	H1 2022	Q2 2021	Q2 2022
Returns (in % of total revenue)	37.8%	40.8%	37.1%	41.0%
(in % of Net revenue)
Gross Margin	41.4%	40.5%	41.0%	40.1%
Distribution Cost Ratio	-12.0%	-13.0%	-12.0%	-12.9%
Profit Contribution I	29.4%	27.5%	29.0%	27.2%
Marketing Cost Ratio	-15.6%	-15.3%	-14.8%	-15.1%
G&A Ratio	-11.9%	-12.2%	-12.0%	-12.2%
Other Oper. Income Ratio	0.8%	0.7%	1.0%	0.8%
Adj. EBITDA Margin	2.8%	0.7%	3.2%	0.7%

H1 2021	H1 2022	Q2 2021	Q2 2022
-11.9%	-12.2%	-12.0%	-12.2%

H1 Details Pro forma

Returns

We see return rates levelling at pre-COVID rates, plus category mix has an effect on return e.g., shoes have higher return rate and increase in share of sales

Gross Margin

Strong competitive on- and offline environment shows effect on gross margin. Development from Q1 2022 also stable in Q2

Distribution Cost

Distribution cost per order in Q2 2022 flat YoY (EUR -0.01) despite increased freight and packaging costs

Marketing Cost

Continued improvement on fashionette's platform with strong decrease in customer acquisition costs largely compensating increased marketing investment at Brandfield

G&A Cost

Slightly increase of G&A cost driven by investments in training and recruiting as well as in technology at Brandfield

STRONG OPERATING CASH FLOW IN Q2

LIQUIDITY BRIDGE Q2 2022

Q2 Details

Operating cash flow

Strong operating cash flow in Q2 2022 of EUR 3.6m (Q1 2022: EUR -10.8m) mainly driven by optimization of working capital

Financing cash flow

Includes payment of EUR 0.5m for refinancing of Brandfield and EUR 0.2m for lease/rent liabilities

Available liquidity June 2022: EUR 9.6m (March: EUR 7.3m)

By the end of June 2022, net cash position was EUR -2.6m (end of March: EUR -4.9m) with additional working capital facilities of EUR 12.2m1

Net Debt June 2022: EUR 17.2m (March: EUR 20.1m)

CONTINUED PROFITABLE GROWTH IN 2022

IFRS
GROWTH (TOTAL NET REVENUE)	FY 2021	FY 2022
	Consolidated: € 133.8m Pro forma: € 154.8m	Consolidated: + 34 to 40% Pro forma: + 16 to 21%
PROFITABILITY (ADJUSTED EBITDA)	FY 2021	FY 2022
	Consolidated: € 4.4m Pro forma: € 5.7m	€ 5m to € 7.5m

Key assumptions

• § Outlook remains unchanged
• § Although an increasingly challenging external environment introduces a greater degree of risk and uncertainties than normal
• § Trading was impacted in the immediate weeks after the start of the war in Eastern Europe. Impact was short-lived and since end of March we have seen an improvement in consumer sentiment
• § Continuous strict working capital management

We are confident that executing our growth strategies will enable us to deliver sustainable, profitable growth and value creation for our shareholders over the long-term

RÉSUMÉ

MANY OPPORTUNITIES TO DRIVE PROFITABLE GROWTH

SELECTIVE M&A

27

* Benelux: Belgium, Netherlands, Luxembourg

STRONGLY POSITIONED TO DRIVE LONG- TERM PROFITABLE GROWTH

1 Attractive business with strong unit economics in attractive markets (DACH and Benelux)

• 2 Large and expanding TAM opportunity
• 3 A platform with multiple growth levers to drive growth organically and inorganically
• 4 Multiple profitability drivers, incl. scale, automation and strong active customer base
• 5 Continue to outperform the European premium and luxury market

APPENDIX

REACHING ~1 MILLION ACTIVE CUSTOMERS IN 2021

Pro forma

NEW CUSTOMERS ACTIVE CUSTOMERS

Growing our active customer base to ~1 million customers, supported by strong new customer acquisition throughout the year

GERMANY, NETHERLANDS AND OWN BRANDS DRIVE SALES IN 2021

Pro forma

Pro forma: Including Brandfield from 1 January 2021 onwards * DACH: Germany, Austria, Switzerland | ** Benelux: Belgium, Netherlands and Luxemburg

TOTAL NET REVENUE TOTAL NET REVENUE BY REGION (FY)

KEY HIGHLIGHTS

• DACH was supported by strong performance in Germany, with +17% in 2021
• Others benefitted mostly from Brandfield's operations in France, Ireland, Sweden
• Own Brand reached 12% of total net revenue

STRENGTHENING OUR KEY CATEGORIES BY BRINGING MORE CHOICE AND VARIETY TO OUR CUSTOMERS

FINANCIAL PERFORMANCE FY 2021

Pro forma

	FY 2020	FY 2021	YoY	FY 2021	YoY
	HGB	HGB		IFRS
Returns (in % of Total Revenue)	37.3%	37.0%	-27 bps	37.0%	-27 bps
Gross Margin	41.3%	41.1%	-20 bps	41.1%	-20 bps
Distribution Cost Ratio	-10.9%	-12.4%	-145 bps	-12.4%	-147 bps
Profit Contribution I	30.4%	28.7%	-172 bps	28.7%	-166 bps
Marketing Cost Ratio	-11.3%	-15.3%	-394 bps	-15.3%	-394 bps
G&A Ratio	-11.9%	-11.1%	+77 bps	-10.7%	+114 bps
Other Oper. Income Ratio	0.8%	1.0%	+11 bps	1.0%	+13 bps
Adj. EBITDA Margin	8.0%	3.2%	-478 bps	3.7%	-433 bps

Full year details

Strategic choices in 2021, set the basis for our continuous profitable growth in the future

Gross Margin

Roughly flat, with growing own brand share offsetting some of the product mix development

Distribution Cost

Growing assortment range impacts AOV and drives strong growth of +31% in the number of orders; resulting in higher distribution costs. However, distribution cost per order increased only by 5 % YoY

Marketing Cost ratio

Significant investment to stay top of the mind with consumers, while COVID-19 restrictions are loosening up.

+27% YoY in number of new customers +32% YoY in number of active customers

G&A Ratio

Improved as a result of increasing operating leverage

SUSTAINABLE AND PROFITABLE GROWTH TO CONTINUE IN 2022

GROWTH (TOTAL NET REVENUE)	FY 2021	FY 2022	Challenges
	Pro forma	Outlook	• Consumer sentiment challenged by macro-economic conditions
	€ 154.8m	+ 16 to 21%	• Inflationary environment putting additional strain on consumer's discretionary income
		Implying ~€ 179.6m to € 187.3m	• Increased cost pressure on operational efficiencies
PROFITABILITY			Opportunities
(ADJUSTED EBITDA)	FY 2021 Pro forma	FY 2022 Outlook	• Selection expansion and growing Own Brand share
			• Further marketing and CRM automation
	€ 5.7m	€ 5m to € 7.5m	• Additional synergies with Brandfield
			The outlook is given with a backdrop of high uncertainty around consumer sentiment and geopolitical development.

We are confident that executing our growth strategies will enable us to deliver sustainable, profitable growth and value creation for our shareholders over the long-term

EVENTS & NEW CONTACT

15 Nov 2022	Publication Q3 2022 results

16 Nov 2022 BofA Consumer & Retail Conference (Paris)

Subscribe to our IR news if you don't want to miss the next update:

35

ARMIN BLOHMANN Director Investor Relations

M: a.blohmann@fashionette.de W: corporate.fashionette.de

KPI DEFINITIONS

ACTIVE CUSTOMERS	Defined as the number of customers placing at least one not cancelled order in the last twelve months on one of the Group's websites or third-party marketplaces in the measurement period, irrespective of returns.
ADJ. EBITDA	Defined as earnings before interest, taxes, depreciation and amortization excluding extraordinary income / expenses.
AVERAGE ORDER VALUE	Defined as the order value divided by the number of orders in the measurement period.
CUSTOMER ACQUISITON COST	Defined as total marketing costs during a specific period divided by the number of new customers acquired during the same period. Customer acquisition cost is calculated at a high level of detail for each marketing activity.
EBITDA	Defined as earnings before interest, taxes, depreciation and amortization.
FREE CASH FLOW / CASH CONVERSION	Defined as free cash flow divided by adjusted net profit. Free cash flow consist of the cash flow from operating activities and the cash flow from investing activities. Adjusted net profit consist of net profit excluding extraordinary income / expenses.
MARKETING COST RATIO	Defined as total marketing costs divided by the order value for the measurement period. Total marketing costs consist of all marketing related costs including advertising expenses for all marketing channels, content production and related license fees as well as cost for marketing related tools and all other marketing related expenses. Total marketing costs do not include salaries.
NET REVENUE	Defined as gross revenue including dunning charges, marketing support less returns and credit notes.
NEW CUSTOMERS	Defined as the number of orders placed by customers which have placed the first not cancelled order on one of the Group's websites or third-party marketplaces in the measurement period, irrespective of returns.
NUMBER OF ORDERS	Defined as the number of customer orders placed on one of the Group's websites or third-party marketplaces in the measurement period after cancelations and irrespective of returns. An order is counted on the day the customer places the order. Orders placed and orders delivered may differ due to orders that are in transit at the end of the measurement period.
ORDER VALUE	Defined as the total amount spent (excluding VAT) on one of the Group's websites or third-party marketplaces by customers in the measurement period after cancelations and irrespective of return.
RETURN RATE (in % OF ORDER VALUE)	Defined as the total amount returned regarding orders placed by customers on one of the Company's websites in the measurement period divided by order value.

DISCLAIMER AND NOTES

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