Slide 1: H1 2025 Financial Earnings Call
H1 2025 Financial Earnings Call August 12, 2025 1
Slide 2: Summary of key developments in H1 2025
elumeo Summary of key developments in H1 2025 After successful execution of our cost and efficiency program in April 2025, elumeo returned to positive Adjusted EBITDA of EUR 0,1m in Q2 2025. For H1 2025, Adjusted EBITDA at EUR -0,5m (PY EUR 0,3m). H1 2025 Revenue at EUR 20,2m (PY EUR 22,5m), gross p
Slide 3: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in H1 and Q2 2025 03 Financials in H1 and Q2 2025 04 Outlook 3
Slide 4: We combine emotional shopping experience with our integrated value chain on our AI-tech-platform
We combine emotional shopping experience with our integrated value chain on our AI-tech-platform Emotional video shopping Via our video-based channels and formats, we provide an emotional and inspirational shopping experience. Our sales shows reach a large number of people while at the same time cre
Slide 5: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in H1 & Q2 2025 03 Financials H1 & Q2 2025 04 Outlook 5
Slide 6: In Q2 2025, gold price stabilized and consumer sentiment started to recover
MARKET In Q2 2025, gold price stabilized and consumer sentiment started to recover, although economic context in H1 remained challenging Gold price stabilized in Q2, consumer sentiment (GfK) started to recover Market condition in H1 2025 Q1 2025 Q2 2025 -12,0 - After a strong increase in Q1 -14,0 20
Slide 7: Our German TV business suffered in H1 from a significant loss in number of cable TV households
TV Our German TV business suffered in H1 from a significant loss in number of cable TV households of major German network operators No of cable TV households from Number of our active Revenue of major cable network operators German TV customers TV business in m, Germany in k H1 2025, in m EUR -26% -
Slide 8: Web business with small revenue growth driven by increased revenue per piece and per customer
WEB Web business with small revenue growth driven by increased revenue per piece and revenue per customer Revenue of Average revenue Revenue per Web business per piece of Web Web customer in m EUR in EUR in EUR +1% +16% +28% 7,5 7,6 85 288 74 225 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Sourc
Slide 9: On 1st April 2025, a restructuring program was executed in order to return to profitability
RESTRUCTURING On 1st April 2025, a restructuring program was executed in order to return to profitability Reduce live hours from 15 to 10 Cost reductions in personnel related Reduction of less profitable U50 hours per day to platform operations EUR product Switch of 5 hours per day from Live Increas
Slide 10: Gamerobot automated TV shows generate disproportionately more revenue than broadcasting time gained
TV RESTRUCTURING With the additional 5 hours after restructuring, the “Gamerobot” for automated TV shows in Germany generates disproportionately more revenue than it has gained in broadcasting time Hours of automated Gamerobot shows Revenue of automated Gamerobot shows (German TV, Q2 2025, in hours
Slide 11: Focus on Jewelry above 50 EUR allowed us to reduce number of pieces disproportionately
PRODUCT STRATEGY Focus on Jewelry above 50 EUR allowed us to reduce number of pieces disproportionately to the gross profit Average Revenue per Piece increased after Pieces sold below EUR 50 and impact restructuring on gross profit In EUR, revenue per piece Q2 2025 YoY 2024 2025 95 -44% Pieces below
Slide 12: After our restructuring in April, the profitability of new product (Premieres) has improved again
PRODUCT PROFITABILITY After our restructuring in April, the profitability of new product (“Premieres”) has improved again compared to previous year Development of Live TV Profit-per-show-minute (ppm) of Premieres Q1 YoY Q2 YoY June YoY ppm in EUR ppm in EUR ppm in EUR -18% +1% +7% 77 72 73 86 92 63
Slide 13: In Q2, growth rate of web business increased to 3% YoY
WEB In Q2, growth rate of web business increased to 3% YoY driven by increase of revenue per customer and profitability of new customers Web revenue Revenue per active customer Customer Lifetime Value Q2, in EUR Active WEB customers, in EUR Gross margin of new WEB customer after 60 days, in EUR +3%
Slide 14: Cost decrease of 24% in Q2 YoY, excluding one-time restructuring costs
elumeo Cost decrease of 24% in Q2 YoY, excluding one-time restructuring costs Restructuring cost Includes mainly follow-up costs due to notice periods for employees who have been dismissed and released from their duties as of 1st April 2025. Total expenses in H1 Total expenses in Q2 -17% -24% 12,1 5
Slide 15: elumeo returned to positive adjusted EBITDA in Q2 2025
PROFITABILITY elumeo returned to positive adjusted EBITDA in Q2 2025 Positive Adj. EBITDA Positive EBIT Q4 2024 Q1 2025 Q2 2025 +0,2 m 0,1 Adjusted EBITDA in m EUR -1 m -0,6 -1,2 15 Source: Financial data
Slide 16: Q3-to-date preview shows successful development of all main KPIs
RESTRUCTURING Q3-to-date preview shows successful development of all main KPIs Plan announced Actuals Q2 YoY Actuals Q3-to-date YoY on 1st April 2025 (April 2025 vs. April 2024) (1st July – 11th August YoY) Run rate compared to FY 2024 ( ) ( ) 16 Source: Financial reporting and internal ERP-data, da
Slide 17: Juwelo's new multi-language platform: AI is the catalyst for tech-driven internationalization
#juwelo100 Juwelo’s new multi-language platform AI is the catalyst for lean & fast tech-driven internationalization German Live show AI translated international shopping shows AI translation Using our self-developed We combine AI translations and This allows us to leverage our video technical platfo
Slide 18: The revenue of our international channels continues to grow
#juwelo100 The revenue of our international channels continues to grow Revenue of international linear TV channels Milestones and next steps for international scaling Total TV sales in EUR in Spain and Italy In July 2024, we have started to distribute our +9% automated shows in Spain on a 24h channe
Slide 19: Customer Lifetime Value of international customers with strong growth
#juwelo100 JUWELO Customer Lifetime Value (CLV) of international customers with strong growth Customer Lifetime Value (CLV) CLV of international customers with German Live TV business vs. Internationalization 2.0 similar strong development compared to average CLV from German Live TV 300 € customers
Slide 20: Significant growth potential as Juwelo covers only 23% of European households
#juwelo100 Significant growth potential as Juwelo is currently covering only 23% of European households Out of a total of 259 million households in Europe, Juwelo currently reaches only 60 90%=37,3 million households with its video content offering, which corresponds to 23%. Based on the existing re
Slide 21: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in H1 and Q2 2025 03 Financials H1 and Q2 2025 04 Outlook 21
Slide 22: Revenue decreased by -10% in H1 2025, gross profit margin under pressure
elumeo Revenue decreased by -10% in H1 2025, gross profit margin under pressure H1 2025 vs. H1 2024 – performance overview (in m EUR) Revenue Gross profit margin % Gross profit in m EUR in m EUR in m EUR -10% -16% -3 %P. 22,5 11,0 20,2 49,1% 46,1% 9,3 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025
Slide 23: Total expenses reduced by 11% in H1, adjusted EBITDA decreased
elumeo Total expenses reduced by 11% in H1, adjusted EBITDA decreased H1 2025 vs. H1 2024 – performance overview (in m EUR) Total expenses Adjusted EBITDA in m EUR in k EUR -11% 326 12,1 10,7 -478 H1 2024 H1 2025 H1 2024 H1 2025 Cost performance improved throughout H1 2025 Restructuring program laun
Slide 24: In Q2, revenue decreased by -18% due to restructuring, gross profit margin stabilized
elumeo In Q2, revenue decreased by -18% due to restructuring, gross profit margin stabilized compared to previous quarter declines Q2 2025 vs. Q2 2024 – performance overview (in m EUR) Revenue Gross profit margin % Gross profit in m EUR in m EUR in m EUR -18% -21,1% -1,8 %P. 11,2 5,5 9,2 49,6% 47,8%
Slide 25: Total expenses reduced by 16% in Q2, adjusted EBITDA decreased
elumeo Total expenses reduced by 16% in Q2, adjusted EBITDA decreased Q2 2025 vs. Q2 2024 – performance overview (in m EUR) Total expenses Adjusted EBITDA in m EUR in k EUR -16% 178 73 5,9 5,0 -551 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Effects of cost performance program starting to Adjusted EBITDA return
Slide 26: Q2 2025 Effects – From EBIT to Adjusted EBITDA
elumeo Q2 2025 Effects – From EBIT to Adjusted EBITDA k EUR 200 100 49 73 0 -100 -200 -455 467 -300 -615 -400 12 -500 160 -600 -700 EBIT Depreciation EBITDA Stock Options Restructuring Cost Legal and consulting Adjusted EBITDA Program fees 26
Slide 27: Table of contents
Table of contents 01 elumeo at a glance 02 Key developments in Q1 2025 03 Financials Q1 2025 04 Outlook 27
Slide 28: Outlook 2025 confirmed – elumeo lays basis for return to profitable growth
elumeo Outlook 2025 confirmed – elumeo lays basis for return to profitable growth Revenue decrease Adjusted EBITDA Gross profit margin -10% / -15% EUR -0,5m / EUR 0,1m 47 - 49% 28
Slide 29: elumeo
elumeo Executive Board Wolfgang Boyé, Boris Kirn, Dr. Susanne Ries, Christian Senitz Managing Directors Florian Spatz, Dr. Riad Nourallah, Boris Kirn Investor Relations Florian Spatz Erkelenzdamm 59/61 10999 Berlin E-Mail: ir@elumeo.com Phone: +49. 30 69 59 790 Fax: +49 30 69 59 79-650