Annual Report as of 31 DEC 2024

FULL YEAR REPORT 2024

SUPPORTING NEXT-GENERATION EXPERIENCES, HOSPITALITY & HAPPINESS

Kurfürstendamm 14

10719 Berlin

Germany

029 Group Annual Report 2024

Table of Contents

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TO OUR SHAREHOLDERS

1. To Our Shareholders

1. 029 GROUP SE AT A GLANCE

We are a global hospitality and lifestyle investment platform blending luxury, technology and community to build and support category-defining brands aimed at making people's lives happier.

We believe that the next-generation of consumer brands will be built on connection, experiences and community.

As technology and AI will likely relieve human workload, new patterns of work, life and leisure are emerging and accelerating. These trends create opportunities in hospitality and lifestyle for innovation-driven entrepreneurship with a strong community focus.

029 Group backs the most audacious entrepreneurs with a hands-on investment approach, focusing on areas where we can add significant value through our platform, global network and company building expertise.

029 Group SE is based in Berlin, Germany

Key Facts:

• 5 Portfolio Companies as of the date of this Report
• Market Cap: EUR 77m as at 31 December 2024
• Preferred Investment Stage: Pre-Seed and Seed

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1. LETTER TO OUR SHAREHOLDERS

Dear Shareholders,

Looking back, 2024 continued to be a challenging year characterized by geopolitical uncertainty. Our journey through the turbulent times of recent years has continued to test our resilience, adaptability and strategic foresight. In the following, I would like to outline how 029 Group SE has mastered these challenges and what impact they have had on our operating business and our portfolio companies. I would also like to look ahead to the coming year 2025 and provide a strategic outlook.

Venture Capital landscape in 2024

The venture capital environment in 2024 was characterized by cautious recovery. Declining inflation and falling interest rates provided some relief, yet geopolitical tensions and political events like the U.S. presidential elections and Germany's re-election added layers of uncertainty. These dynamics fostered a more selective investment climate, with heightened focus on sustainable growth and profitability.

Building resilience in a shifting landscape

In 2024, 029 Group SE successfully navigated a persistently challenging macroeconomic environment marked by inflationary pressures, rising interest rates, and cautious investor sentiment. In response, we continued to refine our investment strategy, prioritizing disciplined valuation, operational efficiency, and robust unit economics to ensure the resilience and long-term success of our portfolio. Maintaining a hands-on approach, 029 Group SE actively supports its portfolio companies with strategic guidance on cost efficiency, revenue diversification, burn rate management, and enhancing their value propositions.

While key portfolio companies such as Limestone Capital, TRIP and Brother's Bond continued their remarkable growth trajectory and achieved important milestones, we remained cautious and proactive in our decision making. This focus ultimately led us to unwind our investment in Conscious Good in February 2024. On the other hand, we completed the successful sale of our stake in Emerald Stay in the same month. This exit, which was completed at a multiple of 2.7x invested capital, not only validated our investment thesis but also demonstrated our ability to create significant value.

As we move into 2025, we remain committed to a disciplined and adaptable approach, focusing on sectors where we see strong potential for innovation and growth. By leveraging our expertise and maintaining a clear strategic vision, we aim to deliver sustainable value for shareholders and stakeholders alike.

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Portfolio resilience and key achievements

Reflecting on the year 2024, our portfolio companies have proven their versatility and execution capabilities, seizing opportunities to strengthen market positioning, enhance operational efficiency, and drive sustainable growth. Strategic shifts and innovations have further enabled expansion into new markets and consumer segments.

Some of the portfolio highlights are set out below:

Limestone Capital continued its strong momentum in 2024, further expanding its hospitality investment platform and optimizing its capital structure. Major acquisitions of new hotel assets, strategic minority investments in promising hospitality ventures, and the expansion of their own private credit strategy were driving the strategic and operational actions. As of today, the company has invested across hospitality platforms such as Aethos Hotels, Emerald Stay, Voaara, and MYNE Homes, as well as various operating real estate assets in European destinations such as Milan, Lisbon, Ericeira, Mallorca, and Corsica. Amongst others, key highlights included the buyout of Aethos Milan, the acquisition and re-opening of Aethos Sardinia, and a strategic investment in Selar (sustainable luxury cruises). Looking ahead, Limestone will focus on improving profitability by scaling fund management revenue and targeting value-add and opportunistic hospitality investments.

Hotelbird successfully navigated a challenging market landscape in 2024, characterized by labor shortages, rising costs, and a decline in business travel. Despite these challenges, the company maintained its leadership in digital guest journey solutions, expanding its footprint by partnering with additional hotel chains and independent hotels. The introduction of new features and services further enhanced customer competitiveness, while strengthened partnerships ensured seamless product integration. Key achievements included improvements in operational efficiency and service quality, reinforcing Hotelbird's position as an industry leader. Looking ahead to 2025, the company remains focused on continued innovation and strategic rollouts, ensuring it remains at the forefront of digital transformation in the hospitality sector.

TRIP experienced robust growth in 2024, achieving record sales and successfully expanding its product portfolio with the launch of high-margin supplements, including the Mindful Blends line. The brand's online subscription model drove significant subscriber growth, while its entry into Tesco solidified its presence across all top 10 UK grocery retailers. In the U.S., TRIP made substantial progress by securing key retail partnerships and increasing brand awareness through strategic collaborations, such as with the Calm App and ambassador Ashley Roberts. The company further strengthened its leadership team with key hires to support its growth and profitability. Building on this momentum, TRIP is well- positioned for continued success in 2025.

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Brother's Bond maintained a stable market presence in 2024 while implementing strategic initiatives to strengthen its financial position. The company successfully reduced operational losses and raised capital to retire debt, reinforcing its foundation for long-term growth. Expansion into the European market marked a significant milestone, with the establishment of a distribution network and the commencement of product shipments. In the U.S., a newly secured sales partnership, providing access to a dedicated sales team, is expected to drive future growth. Additionally, efforts to optimize production costs and improve margins are anticipated to enhance profitability, positioning the brand for a stronger trajectory in 2025.

fjör, the science-driven skincare brand, focused on optimizing its marketing strategy and operational efficiency throughout 2024. A refined approach in the latter half of the year led to improved performance and a more solid foundation for future expansion. The company gained deeper insights into its target audience, enabling a more effective customer acquisition strategy. Strong retention rates and optimized marketing efforts further reinforced the product- market fit, setting the stage for sustained growth. With these advancements, fjör is well-positioned to accelerate its expansion and capitalize on market opportunities in 2025.

OUTLOOK 2025

Looking ahead to 2025, we are cautiously optimistic about the macroeconomic environment. Stabilizing inflation and interest rates offer potential support for growth, but geopolitical uncertainties remain a relevant risk factor. Our strategy continues to focus on identifying high-potential investments that are aligned with long-term consumer trends, while actively supporting our portfolio companies with practical advice. We are committed to leveraging the strengths of our platform to deliver sustainable value for our shareholders.

The overall economic situation remains tense due to geopolitical conflicts and continued high volatility in the capital markets. This development poses significant challenges for both consumers and investors - particularly relevant for our investment areas of hospitality and lifestyle. Although further challenges may arise, our strategic focus and resilient portfolio give us the flexibility and strength we need to navigate uncertainties. I would like to express my sincere thanks to our shareholders for their continued trust and support. Together with our dedicated team and partners, we are confident that we will master the challenges ahead. 029 Group SE is well positioned to seize new opportunities and achieve sustainable growth.

Leon Sander

Managing Director

Berlin, 23 April 2024

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1. REPORT OF THE ADMINISTRATIVE BOARD

Dear Shareholders,

in the financial year 2024, the Administrative Board performed its duties incumbent upon it by law, the Rules of Procedure and the Articles of Association with due care and in full.

The Administrative Board managed the Company, determined the key lines of business operations and continuously monitored the work of the Managing Director, providing them with oral and written advice. The Administrative Board was informed in good time about all transactions of particular importance. Transactions requiring approval were duly submitted to the Administrative Board by the Managing Director in good time. The Administrative Board examined all reports and documents in detail. All transactions requiring approval were approved.

1. COMPOSITION OF THE ADMINISTRATIVE BOARD

In the reporting period, the Administrative Board consisted of the following members:

• Juan Rodriguez (since 24 September 2022; Chairman)
• Dr. Martina Wimmer (since 28 June 2023; Deputy Chairman)
• Lorin Van Nuland (until 10 June 2024; Member of the Administrative Board)
• Leon Sander (since 10 June 2024; Member of the Administrative Board)

On 10 June 2024 Leon Sander was elected in the Company's Annual General Meeting as new member of the Administrative Board to replace Lorin Van Nuland.

In accordance with § 7 para. 3 of the Articles of Association, the majority of the members of the Administrative Board are non-executive members, with Leon Sander being the sole executive member of the Administrative Board.

2. COMMITTEES OF THE ADMINISTRATIVE BOARD

Since the admission of the Company's shares to the regulated market on 6 October 2022, the Administrative Board concurrently functions as Audit Committee with identical personnel. No further committees of the Administrative Board have been established.

3. MEETINGS OF THE ADMINISTRATIVE BOARD

A total of 5 meetings of the Administrative Board were held in the financial year 2024 (by videoconference) at which all members of the Administrative Board and Managing Directors were present. The Administrative Board passed 2 additional written resolutions.

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5. ANNUAL AUDIT

At the Annual General Meeting on 10 June 2024 Forvis Mazars GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft ("Forvis Mazars" of the "Auditor") was elected as auditor of the Annual Financial Statements for the financial year 2024 at the proposal of the Administrative Board. Forvis Mazars completed the audit of the Annual Financial Statements and the Management Report for the financial year 2024 and issued an unqualified audit opinion which is included elsewhere in this Annual Report.

The draft financial statement documents, the draft audit report and the main points of the audit were discussed in detail with the Auditor at the Administrative Board meeting on 23 April 2025. The draft auditors reported on the main findings of their audit and were available to the Administrative Board to answer questions and provide additional information.

The Annual Financial Statements and the Management Report as of 31 December 2024 have thus been prepared in full in accordance with the provisions of the German Commercial Code (HGB) and audited by Forvis Mazars. Following intensive discussion of the audit results, the Administrative Board approved the Annual Financial Statements and the Management Report for the financial year 2024. The Annual Financial Statements of 029 Group SE were thus adopted in accordance with § 47 para. 5 SEAG.

CORPORATE GOVERNANCE

In the past financial year, the Administrative Board continuously monitored the implementation of the provisions of the German Corporate Governance Code and the development of corporate governance standards.

The Corporate Governance Statement of 029 Group SE to be issued pursuant to Section 289f of the German Commercial Code (HGB), which includes in particular the Declaration of Compliance pursuant to Section 161 of the German Stock Corporation Act (AktG), disclosures on significant corporate governance practices, as well as a description of the working methods of the Managing Director and the Administrative Board, and the corporate governance report, can be accessed at the website:

German: https://www.029-group.com/de/investor-relations

English: https://www.029-group.com/investor-relations

Information on corporate governance in the Company and a detailed report on the amount and structure of the remuneration of the Managing Directors and the Administrative Board can be found in the Corporate Governance Statement and the Remuneration Report, respectively.

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