Smartbroker Holding AG

Investor Presentation • Mar 9, 2022

Earnings Call Preliminary Financials 2021 | Outlook 2022

Speakers

Matthias Hach | CEO Roland Nicklaus | CFO

Moderation

Sabrina Kassmannhuber | IR

9 March 2022

Disclaimer

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 contained 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. 1 2 3 4

wallstreet:online offers a Unique Combination of Digital Brokerage & Relevant Financial Information

WSO Group 2021: €51.4m revenues (+82%), €17.5m EBITDA before CAC (+45%)

Preliminary unaudited financials 2021, based on management information system; growth rates are YoY

Operational Highlights 2021

Solidified market position as largest neo broker operator in Germany by AUC & largest publisher-independent financial portal operator in German-speaking Europe

TRANSACTION

4

• More than 125k new securities accounts opened during 2021 | +110% YoY
• Assets under custody doubled to €8.8 billion
• Preparation of "Smartbroker 2.0": Secured 95+% stake in wallstreet:online capital AG (Smartbroker operator), applied for expanded BaFin licence (expected for H1 2022), kickedoff internalisation project (expected for H2 2022)

MEDIA

• Recorded growth across all portals | Implemented innovations to increase usability
• Preparation of investment newsletter editorial desk

GROUP

• Over-achieved revenue guidance 2021 | On track to over-achieve operational goals of "Vision 2024"
• Hired new senior Management layer | Expanded headcount by ca. 40 employees

"Smartbroker 2.0"

State of the art digital broker for execution-only investors & savers

• Smartbroker 2.0 to be launched in H2 2022
• Brand new customer experience
• Faster service
• New products: e. g. selection of crypto currencies
• New client groups
• New and integrated customer data and content platform
• Smartbroker Cloud Platform
• Digital ecosystem with well-known fintech companies located in Berlin

Record Year FY2021 Financial Performance

6

2021 Financial Statements - Basis of Preparation

• Consolidated P&L and balance sheet based on management information system
• Preliminary and unaudited
• Material entities include: wallstreet:online capital AG ("WOC", Smartbroker operator), wallstreet:online AG ("WSO"), Ariva AG , ABC New Media AG, Markets Inside Media GmbH
• All "consolidated" figures presented herein are based on the pro forma assumption of full consolidation of WOC from 1 January 2021 onwards
  • According to German Commercial Code (HGB) consolidation rules, WOC will be fully consolidated in the audited financial statements from 1 August 2021 onwards
• Full annual report and audited financial statements to be published in May

Operational KPIs Brokerage accounts & AUC more than doubled - Media reach also expanded

Smartbroker Classic Transaction

8

Savings Plans become Increasingly Popular Underpinning Smartbroker's role as partner for long-term value creation

rounded	31 Dec 2020	31 Dec 2021	Growth in %
Number of savings plans, in k	39	105	+170%
Savings Plan per securities account	2.5	2.6	+4%
Annual Payment per securities account, in €	2,314	3,660	+58%
Share of securities accounts with savings plan	13%	17%	+31%

• The Group offers large selections of free savings plans on ETFs and funds
• Regular payments start from €25
• Savings plans on funds, stocks and ETCs available for 0.2% per contribution

2021E Revenue Over-achieved guidance - Growth stemming from both business units

Revenues, in €m Revenue growth by segment, in €m

E: estimated, according to preliminary management information system financials

2021E Profitability 3 rd consecutive year of achieving or exceeding our financial guidance

Operational EBITDA, in €m Targeted investment into Smartbroker client growth, in €m

Fulfilled guidance - Self-financing Smartbroker customer growth

CAC = client acquisition cost; SB = Smartbroker; E: estimated, according to preliminary management information system financials

2021E Preliminary Expenses

Marketing and Personnel are main cost drivers – to expand and support business

in €m	2020	2021E	Change in %
Revenue	28.2	51.4	+82%
Other Operating Income	0.3	0.9
Data & IT Costs	(5.4)	(8.9)	+67%
Marketing	(8.1)	(15.4)	+90%
Personnel	(8.0)	(15.8)	+97%
Other	(2.5)	(7.7)	+227%
Non-recurring items	3.0	(0.5)	n/a
EBITDA	7.5	3.9
add back/ (deduct): non-recurring items	(3.0)	0.5	n/a
Operational EBITDA	4.5	4.4	(2%)
Add back: Smartbroker Customer Acquisition Cost	7.5	13.1	+74%
Operational EBITDA before CAC	12.0	17.5	+45%

2021E Preliminary Balance Sheet

Cash and equity respectively represent 33% and 66% of balance sheet total

	Assets
in €m	31.12.2020	31.12.2021E	% of total
Fixed Assets	28.8	41.9	54 %
Intangible Assets	20.5	38.7	50 %
Tangible Assets	0.4	1.0	1 %
Financial Assets	7.9	2.2	3 %
Current Assets	22.0	35.1	45 %
Inventories	0.0	0.0	0 %
Trade Receivables	4.3	6.9	9 %
Other	3.6	2.7	3 %
Cash & Equivalents	14.1	25.5	33 %
Prepaid Expenses	0.3	0.4	< 1 %
Total Assets	51.2	77.4	100 %

	Equity & Liabilities
in €m	31.12.2020	31.12.2021E	% of total
Equity	30.2	51.1	66 %
Provisions	2.7	5.2	7 %
Financial debt	7.5	5.7	7 %
Trade payables	1.6	10.4	13 %
Other liabilities	6.4	1.9	2 %
Deferred Income	1.7	2.3	3 %
Deferred Taxes	1.0	0.8	1 %
Total Liabilities	51.2	77.4	100 %

Guidance FY2022 Continuing Our Profitable Growth

14

2022 Outlook | A year of two halves Smartbroker 2.0: Entering a new era – improving all key aspects of our business

"Smartbroker 2.0" to be launched in H2 2022

• Immediate access for new clients to comprehensive product and functionality
• Subsequent migration of current customer base

Impact on key dynamics in 2022

Customers

▪ Intentional temporary slow-down of client additions to avoid migration of recently onboarded customers

Cost base

▪ WSO is maintaining the current brokerage platforms while investing into the launch & roll-out of Smartbroker 2.0

Pre-Launch Smartbroker 2.0

Customers

• Accelerated and more efficient customer acquisitions onto a state-of-the-art Smartbroker Cloud Platform,
• Higher revenues per trade
• Increased trade frequency

Cost base

• Degressive cost base & scalable business model
• Higher customer lifetime value

Operational KPIs 2022 Guidance Focusing on the Launch of "Smartbroker 2.0"

Assets under custody, in €bn

E: estimated, according to preliminary calculations | B: budgeted, according to current company guidance

Financial Guidance 2022 25% revenue growth & temporary increase in investment

Revenues, in €m Operational EBITDA before and after Smartbroker CAC, in €m

Total Investment into Smartbroker 2.0 of c€20m

• In 2021 (c40% of total) and 2022 (c60%)
• Across P&L (c20% of total) and Cash Flow (c80%)
• Financed by cash on balance sheet (€25+m) and operational cash generation
• Additional liquidity available/ undrawn

Laying foundations for vastly improved business model

CAC

E: estimated, according to preliminary management information system financials | B: budgeted, according to current company guidance (HGB)

Mid Range Outlook

18

The Brokerage Value Chain Smartbroker's Current Offering

CRM: Customer relationship management; CDP: Customer data platform

The Brokerage Value Chain: Smartbroker 2.0

Extensive coverage expansion through in-house development & partnerships

The Brokerage Value Chain: Smartbroker 2.0 More flexibility in the cooperation with our partners

Commercial Impact of "Smartbroker 2.0"

Establishing greatly improved Business Model for the Brokerage Segment

Commercial Impact of "Smartbroker 2.0" New clients, trades per client and revenue per trade to grow

Commercial Impact of "Smartbroker 2.0" Customer acquisition costs and cost per trade to decline

Commercial Impact of "Smartbroker 2.0" Cash flow per trade expected to double

Smartbroker 2.0: Optimized Business Model Taking full advantage of the customer base built up since 2019

Evolving the commercial model from a linear into a fully scalable structure

• Under the current model, on a per customer basis, a small number of Smartbroker customers generates roughly the same margin as, say, a base of 1,000,000 customers would
• Smartbroker 2.0 will combine a progressive revenue profile with a degressive cost structure
  • Leading to significantly higher flow-through margins as customer numbers increase
  • Both models are profitable (before CACs) at our current customer numbers

Profit Impact of Smartbroker 2.0

Thank You! Thank You for Your Attention

27