Slide 1: Investor Presentation
Investor Presentation July 2026 1
Slide 2: Forward-Looking Statement
FORWARD-LOOKING STATEMENT This presentation includes certain statements that are "forward-looking statements" for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements do not relate strictly to historical or curren
Slide 3: TRNR is an acquirer of premium fitness brands
TRNR is an acquirer of premium fitness brands. We use our Nasdaq listing to buy profitable, cash-flow accretive businesses at attractive multiples. We operate them together on a shared platform of content, technology, distribution and commercial relationships. We are building a multi-brand business tha
Slide 4: How TRNR's M&A growth model works
How TRNR’s M&A growth model works We apply three principles to each transaction. Buy at attractive Pay primarily in Generate cash flow in the first multiples. locked-up equity. year, if possible. We focus on acquiring profitable, Most acquisition consideration is We aim to receive more cash flow from ca
Slide 5: Growth acceleration: acquisition-driven growth increasing
Growth acceleration: acquisition-driven growth increasing Acquisitions are improving the pace of TRNR’s revenue growth. Q2 / FY 2026 Guidance (Trailing Twelve Month revenue shown at each quarter) >$50M* 155% CAGR since 2024 130% CAGR since 2024 121% CAGR since 2024 ~$22M $15.3M $11.5M $9.8M $6.4M $7
Slide 6: Improving margin profile: reshaped by acquisitions
Improving margin profile: reshaped by acquisitions TRNR gross margins have expanded materially as higher-margin, acquired businesses scale. Wattbike closed Ergatta closed July 1, 2025 March 11, 2026 50% 43% Pro Forma includes Ergatta for full quarter 31% 25% 17% 14% 0% (16)% -25% (22)% Q1 '25 Q2 '25
Slide 7: Improved execution: two completed deals in last four quarters
Improved execution: two completed deals in last four quarters Wattbike and Ergatta both met our acquisition profile and will contribute the majority of our expected 2026 results. Wattbike Ergatta Closed Q3 2025 Closed Q1 2026 Acquired Revenue >$15M Expected 2026 Revenue >$10M Enterprise Value ~$6M Ma
Slide 8: What's Up Next
Upcoming Newsflow*: July 22 Maxim Conference WHAT’S UP August 14 Q2 ‘26 Earnings NEXT Q4 2026 STEPR acquisition close *The above dates/newsflow topics are subject to change 8
Slide 9: STEPR
UR INTERACTIVE STRENGTH INC. OPSTEPR
Slide 10: STEPR: Leader in Connected Stair Climbing
STEPR: Leader in Connected Stair Climbing Category leader in connected stair climbing for home and commercial training. Profitable and >$15M* Revenue Multi-Channel Direct + Retail Growing Distribution Hardware-first company that built the leading position in connected Sells direct to consumers and thr
Slide 11: STEPR: A Performance-Linked, Shareholder-Aligned Deal
STEPR: A Performance-Linked, Shareholder-Aligned Deal Minimal cash at close, equity locked to 2027 and 2028, expected under 4.0x 2027 EBITDA. >$15M* <4.0x Immediate Expected 2026 Revenue EV / 2027 EBITDA Earnings Accretion Profitable and growing Expected acquisition multiple Accretive to TRNR after c
Slide 12: STEPR: US DTC and National Retail Distribution
STEPR: US DTC and National Retail Distribution US direct-to-consumer engine plus major national retail, a channel we can penetrate across the brand portfolio. NATIONAL RETAIL CHANNELS PORTFOLIO SYNERGY Dick's Sporting Goods Direct-to-consumer engine Group US go-to-market Rogue Fitness National US re
Slide 13: Ergatta
BET) nrenactive STRENGTH INC. = ERGATTA
Slide 14: Ergatta: Leader in Game-Based Connected Fitness
Ergatta: Leader in Game-Based Connected Fitness Pioneer of game-based fitness content with a proven subscription business model. Game-Based Content iFIT-licensed Asset-Light, ~30% EBITDA Margin Platform Cash-Generating Personalized, interactive gaming experience that builds lasting fitness No inventor
Slide 15: Ergatta: A Performance-Linked, Shareholder-Aligned Deal
Ergatta: A Performance-Linked, Shareholder-Aligned Deal Minimal cash at close, equity locked until May 2027, max EV under 5x EBITDA. >$10M ~30% 98%+ Expected 2026 Revenue EBITDA Margin Monthly Net Retention ~70% from recurring subscriptions Profitable and cash-generating Highest in connected fitness B
Slide 16: Wattbike
UR INTERACTIVE STRENGTH INC. wattbike
Slide 17: Wattbike: Trusted By The Best
Wattbike: Trusted By The Best Elite credibility translates to commercial scale across the global premium fitness market. ELITE SPORTS PREMIUM OPERATORS INSTITUTIONAL David Lloyd Clubs (Europe's largest Arsenal FC UK Military (all regiments) premium) Newcastle United Third Space (14 London clubs) Roya
Slide 18: Wattbike: Adds Low-Cost, Advantaged Entry to Large Markets
Wattbike: Adds Low-Cost, Advantaged Entry to Large Markets 3,000 WATTBIKE GYM 150 PENETRATION (NUMBER OF GYMS) 100 100 100 50 <20 UK USA Germany Australia South Africa Japan France Summary of Growth & Potential 18
Slide 19: Wattbike: Real Impact on TRNR Results
Wattbike: Real Impact on TRNR Results What our filings show since the July 2025 acquisition close. Fitness Product Revenue Q1 2025 vs Q1 2026 $1.0M $4.5M +324% Fitness Product Gross Margin Q1 2025 vs Q1 2026 13% 32% +19 pp Full-Year Pro Forma Revenue 2024 reported vs 2025 PF with full-year Wattbike $
Slide 20: Thank You
: a : INTRACTE STRENGTH th /@ ~~