November 2021

Meet the team

Matthias Hach CEO

Joined March 2021
25+ years digital banking and brokerage experience
Most recently CMO of comdirect Bank AG and Divisional Board Member at Commerzbank

Roland Nicklaus CFO

Assumed role in April 2021
Joined as non-executive in 2008
23 years banking & finance experience
Most recently non-executive director & board adviser to a telco and a digital infrastructure provider

Michael Bulgrin Chief Content Officer

Thomas Soltau Co-CEO w:o capital

Oliver Haugk CTO

Stefan Zmojda Chief Revenue Officer

Overview of Our Business: Social & Media meets Brokerage & Transaction

wallstreet:online Group

Social & Media Launched 1998

40 % H1 2021 YoY organic revenue growth

36 % 2021E EBITDA margin

Transaction Smartbroker launched Dec 2019

100+ % H1 2021 YoY organic revenue growth

neg. EBITDA margin

Strategic & operational significant progress during 2021

Secured 95+% stake in Smartbroker
Hired entire new senior Management layer
Expanded headcount by ca. 100 employees
Kicked off and progressed internalisation of IT infrastructure
In process of expanding BaFin licence
On track to over-achieve our "Vision 2024" operational goals
- 2021 Financial Guidance re-confirmed

Guidance 2021: Driving Superior Financial Returns

N o t e : E B I T D A r e f e r s t o O p e r a t i o n a l E B I T D A b e f o r e e x t r a -o r d i n a r y i n c o m e / ( e x p e n s e s ) o f E U R ( 0 . 8 ) m i n 2 0 1 9 a n d E U R 2 . 7 m i n 2 0 2 0

Guidance

4 - 6

16.5 - 18.5

H1 2021 Pre-liminary Results: Record Revenues, Driven by all Divisions

23.8M EUR

Revenue in the first half of the year 2021 wallstreet:online group

57 % vs. 1st half of the year 2020

Efficient Symbiosis

Between Smartbroker and our financial portals & communities

H1 2021 Pre-liminary Results: Robust Operating EBITDA

H1 2021 Pre-liminary Results: Further Significant Expansion of Page Impressions

H1 2021 Pre-liminary Results: Customers Love Our Smartbroker Service

Evolution of Brokerage Account Customers

H1 2021 Pre-liminary Results: Total AUM and AUM per Customer at Market-Leading Magnitudes

XO Brokerage and the Market Beyond: At the Beginning of a Seismic Shift

German Households' Financial Assets Grow by 6% p.a.

Only 18% of these assets are invested in listed equities & funds

S o u r c e : D e u t s c h e B u n d e s b a n k , d a t a a s o f 3 1 M a r c h 2 0 2 1 . C A G R r e f e r s t o p e r i o d 1 J a n 2 0 1 5 t o 3 1 M a r c h 2 0 2 1

Seismic Shift in AUMs has only just begun Neobrokers and Robos are Destined to Gain Significant Market Share

Smartbroker has the Most Momentum Our Product is Addressing Real Market Needs, today

S o u r c e : C o m p a n y w e b s i t e s , o w n r e s e a r c h

Why will we gain market share?

Cost is THE key customer selection criteria

Key customer criteria in % of responses

S o u r c e : O l i v e r W y m a n ( n -1 , 5 0 4 )

How do we compare ?

&
Zero securities account fee
Zero to 4 Euro per transaction
Zero downtime
Maximum access: 40 venues incl ALL German exchanges
Trade 100% of securities licensed in Germany

1,28	Consorsbank
1,02	Flatex
0.79	PSD Bank West
0,75	Comdirect Bank

	Irokerage im Test Hier zählten die niedrigsten Kosten und das größte Anlageangebot
tang	Bank	1000	Kosten tel. Aktienorder in $\epsilon^{\scriptscriptstyle 1}$ 3000	10000	1000	Kosten Aktienorder per PC in € 1 3000	10000	Punkte Order- kosten ²	Punkte Sonstige Kriterien³	Punkte Service ⁴	Punkte Online ⁵	Gesamt- punkte ⁶
1	Smartbroker	4.60	4.60	4,60	4,60	4,60	4,60	40.0	26,3	4.3	6,3	76.9
	Flatex	24.17	24.17	24.17	8,27	8.27	8,27	31.4	25.6	5.4	7.5	69,9
з	Consorsbank	26.40	28.90	46.40	11.45	13.95	31,45	21.4	32.4	5.5	8.7	67.9
$\Delta$	Comdirect	27.30	29,80	47.30	12,40	14.90	32,40	20.2	28.3	7.6	9.2	65.4
5	OnVista Rank	27.75	27.75	27.75	775	775	775	317	181	52	82	62.7

Market moving towards zero-fee commissions

Approximate trading costs of select German brokers (EUR)

customer base before lowering fees

and earning revenue from other sources

¹Commissions based on hypothetical investment of EUR 5,000 Source: ExtraETF, broker websites, Blackrock

We Gain Germany's Most Valuable XO Customers

Extremely Favourable Customer Life-Time Value Drivers
Positive Unit Economics from Year 1
Customer acquisition costs on average returned within 12-14 months

S o u r c e : w a l l s t r e e t : o n l i n e , f l a t e x ( B 2 C c u s t o m e r s ) a n d c o m d i r e c t f i n a n c i a l a c c o u n t s

Unique Target Operating Model for the Highly Attractive XO Brokerage Market

The Execution Only ("XO") brokerage market represents a Tiny Fraction of the German Retail Finance Sector

of account holders (in mm)

EUR 1bn p.a.

Total Revenues of Execution Only Brokers

EUR 10bn p.a.

Total Revenues from securities assets of German households, i.e. transaction fees, management charges, offer premiums, commissions etc.

XO Market Growth Drivers

German Execution Only Brokerage Market

The four 1st Generation Brokers Command c75% share of the German market (by # of trades)

2 nd Generation Neo Brokers Smartbroker and Trade Republic with strongest momentum

S o u r c e : O l i v e r W y m a n , w a l l s t r e e t : o n l i n e .

D i a m e t r e o f c i r c l e i n d i c a t e s a n n u a l b r o k e r a g e r e v e n u e s h a r e r e l a t i v e t o c o m p e t i t io n

We know our customers - Smartbroker

H1 2021 Financial Details

H1 2021 Expenditure Overview | Consolidated

in EUR mm	Consolidated
	H1 2020	H1 2021	Growth
Revenue	15.1	23.8	57 %
Other Operating Income	0.3	0.5	63 %
Data, IT & Distribution	(2.5)	(5.1)	102 %
Marketing	(4.6)	(8.9)	93 %
Personnel	(5.0)	(7.2)	43 %
Other	(2.0)	(2.0)	4 %
Non-recurring Items	0.0	(0.5)	n/m
EBITDA	1.3	0.6	(54) %
add back/ (deduct) non-recurring items	0.0	0.5	n/m
Operational EBITDA	1.3	1.1	(17) %
Smartbroker Customer Acquisition Costs	3.3	7.9	142 %
Operational EBITDA before CAC	4.6	9.0	96 %

H1 2021 Cash Flow Statement

in EUR mm
	H1 2021
Operational EBITDA	1.1
Change in Working Capital & Other	(0.3)
Taxes	(0.8)
Operating Cash Flow	0.1
of which Smartbroker CACs	7.9
Non-recurring items	(0.7)
Capital Expenditure(1)	(0.6)
Total pre-financing Cash Flow	(1.2)
Financing Cash Flow	18.1
Total Cash Flow	16.9

(1) Without wallstreet:online capital AG

H1 2021 Balance Sheet | wallstreet:online-Group (HGB)

in EUR mm	Assets
	31.12.2020	30.06.2021	% of total
Fixed Assets	28.8	27.7	42 %
Intangible Assets	20.5	19.4	29 %
Tangible Assets	0.4	0.5	1 %
Financial Assets	7.9	7.8	12 %
Current Assets	22.0	38.0	58 %
Inventories	0.0	0.0	0 %
Trade Receivables	4.3	4.2	6 %
Other	3.6	2.9	5 %
Cash and Equivalents	14.1	30.9	47 %
Prepaid Expenses	0.3	0.3	0 %
Total Assets	51.2	65.9	100 %

in EUR 000s	Equity & Liabilities
	31.12.2020	30.06.2021	% of total
Equity	30.2	48.1	73 %
Provisions	2.7	3.6	6 %
Financial debt	7.5	6.6	10 %
Trade payables	1.6	1.4	2 %
Other liabilities	6.4	3.2	5 %
Deferred Income	1.7	2.2	3 %
Deferred Taxes	1.0	0.9	1 %
Total Liabilities	51.2	65.9	100 %

Wallstreet:online AG – share details

Key data

ISIN	DE000A2GS609
Reuters	WSO1k.DE
Number of shares	15.10m
Market Cap (17/11/2021)	cEUR320m
Research	Warburg Research (34€) Metzler (35€) GBC AG Research (37.70€) Hauck & Aufhäuser (30€) Alster Research (30€)
Shareholders	A Kolbinger 56.5% Free float 37.0% Management 7.5%

Roland Nicklaus Chief Financial Officer

Investor Presentation Autumn 2021 wallstreet:online Aktiengesellschaft

Kontakt: [email protected]

Thank You! Thank You for Your Attention

Disclaimer

1 2 3 4 This presentation has been prepared by wallstreet:online AG ("wallstreet:online") and comprises the written materials/slides for a presentation concerning wallstreet:online, its group companies and the product Smartbroker. By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation is for information purposes only and the information contained herein (unless otherwise indicated) has been provided by wallstreet:online. It does not constitute an offer to sell or the solicitation, inducement or an offer to buy shares in wallstreet:online or any other securities. Further, it does not constitute a recommendation by wallstreet:online or any other party to sell or buy shares in wallstreet:online or any other securities and should not be treated as giving investment, legal, accounting, regulatory, taxation or other advice. This presentation has been prepared without reference to any particular investment objectives, financial situation, taxation position and particular needs. In case of any doubt in relation to these matters, you should consult your stockbroker, bank manager, legal adviser, accountant, taxation adviser or other independent financial adviser. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. To the extent permitted by applicable law, none of wallstreet:online or any of its affiliates, advisers, connected persons or any other person accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contain herein. This presentation contains forward-looking statements that are subject to risks and uncertainties. Statements contained herein that are not statements of historical fact may be deemed to be forward-looking information. When we use words such as "plan," "believe," "expect," "anticipate," "intend," "estimate," "may" or similar expressions, we are making forward-looking statements. You should not rely on forward-looking statements because they are subject to a number of assumptions concerning future events, and are subject to a number of uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from those indicated. These factors include, but are not limited to, the following: (i) market risks: principally economic price and volume developments; (ii) dependence on performance of major customers and industries, (iii) our level of debt, management of interest rate risk; (iv) costs associated with regulation relating to providing financial services; (v) inflation, interest rate levels and fluctuations in exchange rates; (vi) general economic, political and business conditions and existing and future governmental regulation; and (vii) the effects of competition. Any assumptions, views or opinions (including statements, projections, forecasts or other forward-looking statements) contained in this presentation represent the assumptions, views or opinions of wallstreet:online as of the date indicated and are subject to change without notice. wallstreet:online neither intends, nor assumes any obligation, unless required by law, to update or revise these assumptions, views or opinions in light of developments which differ from those anticipated. All information not separately sourced is from internal company data and estimates. Any data relating to past performance contained herein is no indication as to future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto.