Thermondo is a leading residential heating services company in Germany, focusing on an integrated, digital solution that enhances customer experience through vertical integration and technology. The company targets the fragmented installation market, aiming to provide innovative heating solutions and energy services while expanding its customer lifetime value through offerings like heat-as-a-service. With strong unit economics and a robust growth outlook, Thermondo benefits from a significant market opportunity fueled by regulatory pressures for CO2 reduction.

1. #1 in Residential Heat

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3. 2
An excellent customer journey for heat
requires an integrated & digital solution provider
Numerous Touchpoints in a
complex Customer Journey
Fragmented
Installation Market
Low Degree of Innovation
in Heating Industry
Complex Governmental
Subsidies Schemes
CO2-Reduction
Pressure on Heat
<2°
Overpriced Heating
OEMs & Services

4. 3
Vertical integration + technology = Unique customer journey
2 3 4
Sales, engineering
& financing
Fulfillment mgmt.
& installation
After sales
1
Lead
generation
End-to-end Customer Ownership – Seamless
Manfred Diego Heizungsheld-AppWebsite
5
Customer
engagement
°Thermondo-App
DeepVertical
Integration
Proprietary
Software

5. 4
As-a-Service, curated products and customer engagement drive
customer lifetime value expansion
• Thermondo as
energy provider
• Introduction of
stand-alone-gas
and -electricity
• Triple Play: heat
and electricity in
combination
Commodity
• Introduction of
fuel-cell or heat
pump
• Offer of electricity
with best price
guarantee
Fuel cell/
heat pump
June/July
Averagecustomerlifetimevalue
2016 & 2018 2020
• Introduction of
Thermondo boiler
• Positioning as
value-for-money
champion
October 2020
• Introduction of
further Thermondo
boilers
• Expansion of
private label line
into renewables
(solar heat)
• Launch of
consumer app
• Jointly with tado
Consumer
App
• Introduction of
B2C hardware as a
service
• Followed by heat-
as-a-service
Heat-as-a-service
May

6. 5
>80%
Recurring Revenues
% customers with Recurring Revs.
Largest residential heat services company in Germany
1 Our addressable Market, 2 CLV: Customer lifetime value (Lifetime Gross Margin 2 contribution)
34%
Growth
CAGR GM2 last 3 years
16,000
Customers
# heating units installed
4.2%
Marketing Efficiency
% marketing of revenues YTD 19
38million
Net Revenues
Forecast 2019 (EUR)
92%
Connectivity Ratio
Of t1 boiler family
0.9%
Market Share
% units of total market(1)
2.7x
CLV/CAC Ratio(2)
GM2 over CAC multiple Q3 2019
80%
In-house Lead Gen
% leads generated in-house
67%
Profitability
% of German hubs are EBITDA profitable
As per Sep 2019
26%
As-a-Service Share
% of total customers 2019

7. 6
Strong outlook
ADDITIONAL
GROWTH KICKER
SCALABLE
TECHNOLOGY AND
PROCESSES IN PLACE
COMPETITIVE
ADVANTAGE
MARGIN RICH
BUSINESS MODEL
COMPANYFUNDINGREGULATIONMARKET
Strong unit economics,
best team & unique
heat as a service
platform
Strong investor base:
Powerful strategic &
financial investors
Huge,
highly fragmented,
low degree of
technology and
integration
German Climate
Deal 2020

8. 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

9. 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