HomeToGo : 2024 Quarter 1 Quarterly Report

HomeToGo performed strongly in Q1/24 and is fully on track to achieve its set goals for FY/24

During Q1/24, HomeToGo's overall business performance remained resilient. HomeToGo delivered a strong first quarter performance with YoY growth in Booking Revenues of 27.7% and a new record Booking Revenues Backlog1 of EUR 76.6 million, a YoY increase of 10.3%. IFRS Revenues increased strongly by 66.4% in the first three months of the year compared to the previous year period. Adjusted EBITDA during Q1/24 came in at EUR (21.2) million, equivalent to an Adjusted EBITDA margin of (58.3)%, resulting in a significant improvement both in absolute as well as relative terms and is fully in line with expectations and the seasonality of the business.

Q1/24 financial key highlights and insights from the new segment reporting:

• Strong YoY growth in Booking Revenues of 27.7% to a new all-time high of EUR 83.4 million, predominantly driven by the strong growth of the Booking (Onsite) business of 39.3% YoY to EUR 38.9 million in Q1/24. This positive development was accompanied by a substantial
  increase in the Take Rate of the Booking (Onsite) business, reaching a new all-time high of 12.8% (+1.7pp YoY). The Booking Revenues Backlog1 grew at 10.3% YoY to a new all-time record value of EUR 76.6 million.
• Stellar IFRS Revenues growth, resulting in a new record high figure for a first quarter of EUR 36.4 million (66.4% YoY). Particularly the HomeToGo B2C Marketplace segment performed strongly by growing its IFRS Revenues by 83.7% YoY while HomeToGo_PRO B2B business grew its IFRS Revenues by 35.3% YoY, now accounting for 32% of HomeToGo Group's total IFRS Revenues in the first three months of the year. The extraordinary high growth during Q1/24 was supported by the first-time consolidation of the recent acquisitions in January 2024 as well as relatively early Easter holidays. On an organic basis, HomeToGo continued its growth trajectory with IFRS Revenues growing low to mid double-digit.
• Continued progress on improving Adjusted EBITDA totaling EUR (21.2) million in Q1/24, reflecting an Adjusted EBITDA margin of (58.3)% which is in line with the underlying seasonality of the business model. The strong improvement of the Adjusted EBITDA margin
  by +55.1pp YoY largely stems from a substantially higher marketing efficiency as demonstrated by an improved marketing and sales cost ratio2 of 114.0% (vs. 154.9% in Q1/23). The Marketplace segment improved its Q1 Adjusted EBITDA by 5.0% YoY to EUR (22.5) million whereas HomeToGo_PRO achieved a swing into profitability on a yearly comparison and delivered EUR 1.1 million in Q1/24.
• Within the HomeToGo Marketplace segment, the Booking (Onsite) business developed strongly, increasing its number of bookings by 53.0% YoY, partly benefiting of the first-time consolidation of the thematic short trips-focused acquisitions of Kurz Mal Weg and Kurzurlaub at the beginning of 2024. Corresponding Booking Revenues increased significantly by 39.3% in the first three months of the year compared to the previous year period.
• Within HomeToGo_PRO, the new segment consisting of Software & Service Solutions for the whole travel market with a special focus on SaaS for the supply-side of vacation rentals, the Subscription business experienced a 24.1% increase YoY in IFRS Revenues, whereas the Volume-based business grew even by 47.9% YoY driven by strong execution and successful roll-out of new services.
• Cash position remains comfortable at the end of Q1/24, amounting to EUR 90.6 million. The sequential decrease vs. end of Q4/23 mainly reflects the successful closing of the majority acquisitions in Q1/24 and the significant seasonal marketing investments to build-up Booking Revenues Backlog with inflows to be received in the second half of the year.

• Booking Revenues before cancellation generated until March 31, 2024 with IFRS revenue recognition based on check-in date
  in FY 2024.
  2 Adjusted for expenses for share-based compensation, depreciation, amortization and one-off items in relation to IFRS Revenues.

2

• Free Cash Flow3 developed in line with expectations and totaled EUR (22.4) in the first three months of 2024, (11.3)% YoY compared to the previous year period was mainly caused by larger cash outflows for acquired VAT liabilities as part of the recent acquisitions in Q1/24.

• Free Cash Flow is defined as net cash used in operating activities added by net interest result and deducted by capital expenditures defined as net investment into PPE as well as into intangibles and internally-generated intangible assets.

3

HomeToGo at a Glance

KPIs (in EUR thousands)	Q1/24	Q1/23	YoY change
HomeToGo Marketplace Segment
Booking Revenues	64,154	50,912	26.0%
Booking (Onsite)	38,860	27,890	39.3%
Advertising	25,294	23,022	9.9%
IFRS Revenues	25,649	13,961	83.7%
Booking (Onsite)	12,524	3,671	>100%
Advertising	13,125	10,290	27.6%
Adjusted EBITDA	(22,506)	(23,701)	5.0%
Adjusted EBITDA margin	(87.7)%	(169.8)%	+82.0pp
Onsite Take rate	12.8%	11.2%	+1.7pp
Bookings (in thousands)	522	342	52.6%
Booking (Onsite)	340	222	53.0%
Advertising	181	119	51.9%
HomeToGo_PRO Segment
Booking Revenues	22,790	17,598	29.5%
Subscription	5,658	4,537	24.7%
Volume-based	17,132	13,061	31.2%
IFRS Revenues	11,555	8,539	35.3%
Subscription	5,599	4,512	24.1%
Volume-based	5,956	4,028	47.9%
Adjusted EBITDA	1,138	(1,123)	n.m
Adjusted EBITDA margin	9.8%	(13.1)%	+23.0pp
Bookings (in thousands)	92	85	8.3%
Volume-based	92	85	8.3%
HomeToGo Group
Booking Revenues	83,361	65,288	27.7%
Intercompany consolidation	(3,583)	(3,222)	(11.2)%
IFRS Revenues	36,404	21,883	66.4%
Intercompany consolidation	(801)	(618)	(29.6)%
Adjusted EBITDA	(21,219)	(24,816)	14.5%
adjusted one-off items	541	682	(20.7)%
Adjusted EBITDA margin	(58.3)%	(113.4)%	+55.1pp
GBV	662,627	604,760	9.6%
Bookings (in thousands)	583	353	65.3%
Intercompany consolidation	(30)	(30)	(2.7)%

Refer to section 3.1. Glossary for definitions on KPIs presented.

4

KPIs (in EUR thousands)	Q1/24	Q1/23	YoY change
HomeToGo Group (continued)
Net profit/(loss)	(26,319)	(34,312)	23.3%
Free Cashflow (FCF)	(22,446)	(20,168)	(11.3)%
Equity (EUR thousands)(1)	229,150	250,121	(8.4)%
Equity ratio(1)	65.3%	77.2%	(11.9)pp
Cash & cash equivalents + other highly liquid short-term financial	90,589	140,277	(35.4)%
assets (EUR thousands)(2)
Employees (end of period)	790	648	22%

1. As of March 31, 2024, and December 31, 2023, respectively
2. Includes restricted cash and cash equivalents of EUR 0.3 million as of March 31, 2024 (comparative period December 31, 2023: EUR 0.5 million).

Refer to section 3.1. Glossary for definitions on KPIs presented.

5

Content

Report on economic position

1.1. Introduction of Segment Reporting	7
1.2. Financial Performance of the Group	7
1.3. Cash Flows	10
1.4. Financial Position	11
1.5. Outlook and Guidance	12

Selected Financial Information

2.1. Consolidated Statements of Comprehensive Income	14
2.2. Consolidated Statements of Financial Position	15
2.3. Consolidated Statements of Cash Flows	16

Service

3.1. Glossary	17
3.2. Financial Calendar	20
3.3. Imprint	20

6

Report on economic position

1.1. Introduction of Segment Reporting

As announced at the Capital Markets Days in December 2023, HomeToGo has implemented a new internal reporting structure in Q1/24, resulting in two newly formed reporting segments named HomeToGo Marketplace and HomeToGo_PRO. The new reporting structure reflects the management view used for steering and resource allocation for the respective business units, starting from Q1/24 with a customer point of view.

HomeToGo Marketplace provides 15M+ offers across thousands of trusted partners globally, to match the customer group of travelers with the perfect vacation rental for any trip around the world. The B2C Marketplace matches the supply and demand side of the vacation rental industry and is additionally fueled by the HomeToGo_PRO B2B segment. The Marketplace reporting segment comprises and translates mostly into the formerly reported revenue activities of CPA Onsite, CPA Offsite and CPC. Booking (Onsite) reflects our Onsite product that is one of the core strategic pillars of the Marketplace and will stay further an individually reported revenue stream together with the related performance indicator Onsite Take Rate. It is largely comparable to former CPA Onsite. CPA Offsite and CPC will be aggregated as Advertising going forward.

HomeToGo_PRO will form the Company's strategic focus on the success and value-enhancing services for B2B customers, offering innovative Software & Service Solutions including Subscriptions for the whole travel market with a special focus on SaaS for the supply-side of vacation rentals. The mainly addressed customer group of hosts, homeowners and property managers are enabled to manage and list their vacation rentals on trusted booking platforms, including the HomeToGo Marketplace. HomeToGo_PRO combines the formerly reported Subscriptions & Services and the Volume-based service offering of the Group. While Subscriptions that is mainly driven by our SaaS company Smoobu is now presented as separate revenue activity, Volume-based aggregates and reflects the whole Volume-based service offering of HomeToGo to the aforementioned customer group which was for companies like SECRA already part of Subscription & Services, but also partially reported as part of CPA Onsite in the past like the business of atraveo. The re-classification of Volume-based services under HomeToGo_PRO illustrates best the economic and strategic steering of those revenue sources. Furthermore, it allows to highlight the business of the HomeToGo_PRO

7

segment that is being served on the HomeToGo Marketplace. These transactions being reported as inter-segment in the consolidated financial statements.

1.2. Financial Performance of the Group

In Q1/24, overall business performance remained resilient after a solid start to the year. GBV was higher by EUR 57.9 million compared to the prior-year period and amounted to EUR 662.6 million which corresponds to a 9.6% YoY increase. Booking Revenues grew by 27.7% YoY or EUR 18.1 million to a new absolute record high for a Q1 of EUR 83.4 million.

Compared to the prior-year period, IFRS Revenues increased by EUR 14.5 million to a new absolute Q1 record figure of EUR 36.4 million. This corresponds to a YoY growth of 66.4%. Due to seasonality IFRS Revenues are lagging behind Booking Revenues during Q1/24, resulting in a new all-time Booking Revenues Backlog ever recorded in HomeToGo's history of EUR 76.6 million by the end of Q1/24 (growing 10.3% YoY) reflecting the different point in time for the revenue recognition. Travelers typically book their holidays several months in advance, leading to our high Booking Revenues Backlog to be recognized as IFRS Revenues only in the remainder of 2024.

On the Marketplace, the increase of Booking Revenues of 26.0% YoY and IFRS Revenues of 83.7% YoY respectively was, besides strong organic growth especially on IFRS Revenues driven by early Easter, supported by the first-time consolidation of the recent acquisitions of Kurz Mal Weg and Kurzurlaub that were that were closed in the beginning of January 2024. As a result, the Booking (Onsite) business within the Marketplace segment, has recorded an outstanding 39.3% YoY growth in Booking Revenues alongside a substantial increase in number of Bookings by 53.0% YoY. The overall basket size was reduced by (29.3)% YoY which was mainly driven by the mix effect due to the first-time consolidation of Kurz Mal Weg and Kurzurlaub that are focused on thematic short trips, which contributed business volume with shorter lengths of stays in DACH. The basket size excluding the effect from those acquisitions is stable on a YoY comparison. One of the key drivers behind the top-line growth was the expansion of the Onsite Take Rate within the Marketplace segment adding up to 12.8%, +1.7pp compared to the previous year period. The Advertising business grew by 27.6% in IFRS Revenues YoY, particularly benefiting from the continued strength in the North American market, corresponding to attractive commercials as well as relatively early Easter holidays with check-ins still in March.

The HomeToGo_PRO segment experienced a continued strong growth momentum, increasing its IFRS Revenues by 35.3% YoY to EUR 11.6 million while corresponding Booking Revenues increased by 29.5% to EUR 22.8 million. Both, our Subscription as well as Volume-based business activities contributed strongly to this growth with 24.7% and 31.2%, respectively.

Group's Adjusted EBITDA amounted to EUR (21.2) million in Q1/24, in line with HomeToGo's typical seasonal pattern. The substantial improvement by EUR 3.6 million or 14.5% compared to the previous year period largely stems from a significantly higher marketing efficiency as demonstrated by an improved marketing and sales cost ratio of 114.0% (vs. 154.9% in Q1/23) as well as overall strong cost discipline. Accordingly, the equivalent Group's Adjusted EBITDA margin improved substantially by +55.1pp to (58.3)% during Q1/24. Profitability in Q1 is typically the lowest during the financial year, as we recognize most of our marketing and sales spending as well as the generated Booking Revenues during the first half of the year, with most of our travelers having booked their holidays with check-in date including IFRS Revenues realization in the second half of the year, particularly the summer travel high season months of July through September.

The Adjusted EBITDA for the Marketplace segment improved by 5.0% YoY to EUR (22.5) million, whereas HomeToGo_PRO achieved a swing into profitability on a yearly comparison and delivered EUR 1.1 million in Q1/24. While the Marketplace is heavily driven by the seasonal pattern of the IFRS Revenues recognition with its peak in the summer months and the marketing expenses in the winter/spring months, the Adjusted EBITDA of the HomeToGo_PRO segment remains relatively steady throughout the year. The stability in the bottom line performance is mostly driven by the Subscription revenues, while smaller variations are expected from the Volume-based business within the segment. These ones follow similar revenue recognition patterns as on the Marketplace.

8

Consolidated Statements of Comprehensive Income:

in EUR thousands	Q1/24	Q1/23	YoY change
IFRS Revenues	36,404	21,883	66.4%
Cost of revenues	(1,929)	(3,404)	43.3%
Gross profit	34,474	18,478	86.6%
Product development and operations	(8,854)	(8,316)	(6.5)%
Marketing and sales	(41,754)	(35,540)	(17.5)%
General and administrative	(9,723)	(9,277)	(4.8)%
Other expenses	(2,479)	(384)	n.m.
Other income	2,170	264	n.m.
Profit (loss) from operations	(26,166)	(34,775)	24.8%
Finance income	917	278	n.m.
Finance costs	(154)	(615)	n.m.
Profit (loss) before tax	(25,402)	(35,112)	27.7%
Income taxes	(916)	800	n.m.
Net profit (loss)	(26,319)	(34,312)	23.3%
Other comprehensive loss	764	(71)	n.m.
Total comprehensive loss*	(25,554)	(34,383)	25.7%
Profit (loss) from operations	(26,166)	(34,775)	24.8%
Depreciation and amortization	1,487	4,229	(64.8)%
EBITDA	(24,679)	(30,546)	19.2%
Share-based compensation	2,918	5,048	(42.2)%
One-off items	541	682	(20.7)%
Adjusted EBITDA	(21,219)	(24,816)	14.5%
Adjusted EBITDA margin	(58.3)%	(113.4)%	+55.1pp

• Refer to 2.1. Consolidated Statements of Comprehensive Income for the full consolidated statements of comprehensive income incl. the allocation of loss to the non-controlling interests.

Cost of revenues decreased by EUR 1.5 million to EUR 1.9 million mainly due to a decrease in amortization expenses as a result of the end of the amortization effect of e-domizil's Booking Revenues Backlog that was amortized over the period of one year following the acquisition date in April 2022.

The marketing and sales cost ratio4 of 114.0% improved by 40.9pp compared to the prior-year period given an improvement in our marketing efficiency and positive contributions from recently acquired subsidiaries.

Expenses for product development and operations increased slightly from EUR 8.3 million in Q1/23 to EUR 8.9 million in Q1/24 as a result of the recent acquisitions. The respective cost ratio4 to IFRS Revenues improved by 8.7pp going back to economies of scale.

General and administrative expenses increased from EUR 9.3 million in the prior-year period to EUR

9.7 million in Q1/24. The aforementioned net increase in absolute terms in the amount of EUR 0.4 million is explained by the an increase in personnel costs related to the recent acquisition of new subsidiaries during Q1/24, partly offset by lower expenses for share-based compensation and expenses for third party services.

While the Group's Adjusted EBITDA improved by 14.5% in the amount of EUR (21.2) million in Q1/24 compared to the prior year, net loss improved by 23.3% in the amount of EUR (26.3) million during the same time. This is mainly driven by continuous improvement in marketing efficiency as well as higher revenues in comparison with Q1/23.

• Adjusted for expenses for share-based compensation, depreciation and amortization.

9

Reconciliation to Adjusted EBITDA

Reconciliation to Adjusted EBITDA

(in EUR thousands)	Q1/24	Q1/23	YoY change
Profit (loss) from operations	(26,166)	(34,775)	(24.8)%
Depreciation and amortization	1,487	4,229	64.8 %
EBITDA	(24,679)	(30,546)	(19.2)%
Share-based compensation	2,918	5,048	42.2 %
thereof:
Product development and operations	779	1,444	46.1 %
Marketing and sales	106	201	47.5%
General and administrative	2,033	3,403	40.2 %
One-off items	541	682	20.7 %
thereof:
Arrangements for contingent payments with	387	387	n.m.
service condition
Mergers & Acquisitions	83	-	n.m.
Reorganization & restructuring	22	-	n.m.
Other	49	295	n.m.
Adjusted EBITDA	(21,219)	(24,816)	14.5 %
Adjusted EBITDA margin	(58.3)%	(113.4)%	+55pp

1.3. Cash Flows

The liquidity and the financial development of HomeToGo are presented in the following condensed statements of cash flows:

Condensed Statements of Cash Flows

(in EUR thousands)	Q1/24	Q1/23
Cash and cash equivalents at the beginning of the	108,953	112,050
period
Cash flow from operating activities	(20,308)	(19,167)
Cash flow from investing activities	(21,379)	(1,123)
Cash flow from financing activities	(1,701)	(1,355)
Foreign currency effects	(1,460)	(205)
Cash and cash equivalents at end of the period(1)	64,104	90,199
Other highly liquid short-term financial assets	26,484	49,785
Cash position	90,589	139,984

1. Includes restricted cash and cash equivalents of EUR 0.3 million as of March 31, 2024 (comparative period March 31, 2023: EUR 0.8 million).

In Q1/24, HomeToGo's operating activities led to a net cash outflow of EUR (20.3) million (prior-year period: EUR (19.2) million). The net operating cash outflow in Q1 is mainly the result of the seasonality in our business model. While the main expenses for performance marketing for continued customer acquisition and retention investments are typically incurred in the first quarter, the main cash inflows from the IFRS Revenues generated with those expenses typically fall in the third and the fourth

10