Industrial Digitisation: Company presentation by Philipp Pausder, Thermondo at the NOAH Conference Berlin 2019, 13-14 June, STATION.

1. Heat as a Service
From transaction-oriented to subscription-based

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3. 2Plant Operator: Few large utilities Plant Operator: Millions of homeowners
A distributed and digital energy world
requires a distributed and digital solution provider

4. 3
CAPEX allocation will be driven by homeowners
Receive a text on
your phone if a
fault is detected
with your boiler
Monitor the solar
power generation
on the roof
Switch your lights on and
off, change the brightness
and color or set schedules
remotely
Get an alert on your phone
or trigger a light to come on
if motion is detected in your
home
Charge your car in
a way that‘s safe
and convenient
Control your
heating and hot
water remotely
See how much energy
you‘re using and how much
it costs in real-time
Before Thermondo With Thermondo
10 guaranteed physical brand experiences

5. €17B Revenue
in Heating
Large
Opportunity
>50K German
Installers
Fragmented
Market
Energy critical
>80% of Household
energy consumption
We started
with the largest
segment:
Heat

6. 5
Our traction after 5 years in business
Employees
Growth
Selected awards
Customers
2nd fastest growing company
in Europe 2013-16
310 (incl. 16 apprentices)
Market leader in Germany
>15,000 customers; Profitable on customer lifetime
€52M equity funding Raised from:
≈ 30% choose leasing €20M project finance in place; generating 10-year consumer contracts
2019

7. 6
Thermondo is the largest residential energy services
company in Germany
Scale
A unique platform that combines
the scalability of software with
operational excellence
Marketing excellence
Unmatched marketing efficiency
rooted in superior customer
acquisition
Growth
Large growth opportunities
through product expansion as
well as internationalization
Recurring revenues
Recurring revenues from >80%
customers makes Thermondo a
“subscription business at heart”
Customer lifetime value
Superior customer lifetime value
and potential future upside via
product range expansion
Customer relationships
Owning the B2C customer layer
through the entire digital
customer journey

8. 7
How we run our business: A deep vertical integration run on proprietary
software to deliver the best customer journey in the industry
Proprietary software
2 3 4
Digitalizingthe
valuechain
Sales, engineering &
financing
Fulfillment mgmt.
& installation
After sales
1
Lead generation
End-to-end ownership – seamless
Manfred Diego Heizungsheld-AppWebsite

9. 8
We are a subscription business at heart
Lifetime revenue per customer (€ thousand)1
8.7
10.2
11.4
12.8
15.4
16.7
17.8
FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22
Actuals Forecast
+14%
CAGR
Customer share w. service- or heat-lease or maintenance
contract
Actuals Forecast
+19%
CAGR
▪ More than ¾ of our customers already choose our heat lease product (10y) or buy a maintenance contract (2y+)
▪ Extremely low annual churn risk (0.5% p.a.) due to little competition and nationwide under-supply of installers
1Excluding revenues from unplanned maintenance
54.1%
67.3%
76.6% 80.4% 83% 85% 87%
FY16 FY17 FY18 FY19 FY20 FY21 FY22

10. 9
Significant and continuous gross margin improvements
GM1 (%)
41.8%
44.9% 46.9% 48.2%
57.7%
FY16A FY17A FY18A Q418A FY22F
+6%
CAGR
+5%
CAGR
▪ Launch of private label boiler in May
2019
▪ Multiple successful price increases in 2018
and 2019
▪ Purchasing power based pricing
implemented in Sep. 18
▪ Margin expansion oriented product range
management

11. 10
Commercial engine scaling at reduced costs
1 Cost per order; cohort view (Includes sales cost, excludes discounts)
CPO (€ thousand)
▪ 2018 marked the inflection point in Marketing efficiency with CPOs dropping by 17%
▪ Commercial engine going very strong; plenty of room left to further scale acquisition channels at identical costs
▪ Immediate CAC pay-back after first sale; superior to most other transaction businesses
▪ Continuously reducing marketing spend driven by tremendous front end improvements and un-paid channels
-17%
YoY
Marketing cost as share of revenue (%)
-50%
YoY
8.8%
5.5%
2.8%
FY16A FY17A FY18A
1.5
1.4
1.1
FY16A FY17A FY18A

12. Heizung neu gedacht.
Heating reinvented.

13. 12
t1. | Setting best in class benchmarks across four
dimensions.

14. 13
Product roadmap 2019.
Q4 19
• Thermondo as energy
provider
• Introduction of stand-
alone-gas and -
electricity
• Triple Play: heat and
electricity in combination
Commodity
• Introduction of fuel-cell
leasing
• Offer of electricity with
best price guarantee
Fuel cell
June/July
• Introduction of further
Thermondo boilers
• Expansion of private
label line into
renewables (solar heat)
Productportfolio
May 1st
• Introduction of
Thermondo boiler
• Positioning as value-
for-money champion
Q3 19
• Launch of consumer
APP
• Jointly with tado
Consumer
App
August

15. Contact.
Philipp Pausder +49 157 73 750 748
philipp.pausder@thermondo.de
Thermondo GmbH
Brunnenstrasse 153
10115 Berlin, Germany
Founder & CEO
David Hanf
CFO
+49 174 3038409
david.hanf@thermondo.de
Thermondo GmbH
Brunnenstrasse 153
10115 Berlin, Germany

16. Selected Completed NOAH Transactions
Focus on Leading European Internet companies
Covering over 400 companies across 25 online
verticals, a broad range of over 500 investors as
well as 100+ online-focused corporates
Deep understanding of industry dynamics
Ability to add value beyond banking advice
Facilitates overall process and minimizes
management distraction
NOAH Advisors is globally well connected
and has direct access to virtually all key
players in the industry
Knowledge of and strong relationships with
potential buyers’ key decision makers
Proactively finds and unlocks attractive
investment opportunities for leading investors
Annual NOAH Conference in its 10th year
Over 40 years of combined relevant M&A experience
Routine execution of M&A and financing transactions
with sizes of several billion euros
30 successfully completed NOAH Advisors transactions
underline successful transfer of M&A competencies to
the Internet sector
Entrepreneurial mind-set, focused on growing the
business and establishing a reputation for excellence
Ability to deliver top results in short time frames
Highly success-based compensation structures align
interests of clients and NOAH Advisors, and demonstrate
conviction to deliver top results
Creative deal solutions
Unique Industry Know-How
Unmatched Network and Relationships
Strong Investment Banking Competence
Full Commitment - We Are Entrepreneurs!
EUROPE’S LEADING INTERNET
CORPORATE FINANCE BOUTIQUE®
The NOAH Advisors Core Banking Team
Marco Rodzynek
Managing Director & Founder
Jan Brandes
Managing Director
Nikhil Parmar
Director
Olek Skwarczek
Associate
Lukas Schlund
Analyst
December 2014 October 2014
Sale of 100% of
for $800m to
Exclusive Financial Advisor to
Fotolia and the Selling Shareholders
Sale of 100% of
for €80m to
Exclusive Financial Advisor to
Trovit and its Shareholders
October 2016
Investment in
Exclusive Financial Advisor to KäuferPortal
and its Shareholders
by
84% Ownership
December 2016
August 2017
Financial Advisor to Silver Lake
Financial Advisor to EMK Capital
Investment in
Acquisition of a Majority Stake in
by
by
at a valuation of $200m
November 2019 July 2019
September 2018
Financial Advisor to MagicLab
Financial Advisor to AU10TIX
and its shareholders
Financial Advisor to 10bis
and its shareholders
Acquisition of a 79% stake in $60m Investment in
Sale of 100% in
by
at a valuation of ~$3 billion
at a valuation of $260m by
for €135m to
10Bis