Slides
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Company Introduction Q4 2024 Autonomous food production powered by AI-Robotics
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Circus SE I Company Presentation I Q4 2024 Explore our CA-1 in Action 2
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Founder Nikolas Bullwinkel: From building a $2.85 Billion food-commerce leader to pioneering AI-Robotics in foodservice with Circus • • • Co-Founder of Flink: Grew Flink to European market leader in Q-Commerce with over 12,000 employees across >140 locations in 18 months Transition to Circus: Sold stake in Flink at $2.85 billion valuation in 2021 before founding Circus to focus on AI and robotics Global Expansion: Drives Strategy, Product Development, and AI at Circus to scale autonomous AI-robots as a first mover Career $2.9B Exit of Flink EU market leader 2021 Founding Circus AI-robotics Sources: Media Interview, Ecommercedb Circus SE I Company Presentation I Q4 2024 3
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Market situation: The $2.6T global food-service industry is facing severe labor shortages, threatening total industry collapse >3M Open Jobs #1 Industry Labor Shortage (in % Workforce Missing) Food Service Manufacturing Social Work Transportation Construction Education Information 26% 26% 18% 15% 13% 12% 9% 2% Sources: Various Reports, Eurostat, NRA, Employment Agencies, Exploding Topics Circus SE I Company Presentation I Q4 2024 4
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Piled up problems: Driven by labor shortages, the industry is facing inevitable challenges - Wasting $473 Billion due to inefficiency Yearly Cost Increase Labor Cost, Energy, Ingredient Costs +20% Food Waste (p.a.) Due to operational inefficiencies $473Bn Source: Food Forward, 2023, EuroStat, BHA Circus SE I Company Presentation I Q4 2024 5
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The next AI frontier: Bringing AI to food-service industry with a market volume of $2.6 Trillion, expected to grow to $5.4T by 2030 Autonomous Driving Knowledge (LLM's) Food-Service Autonomy $1.1T $2.4T $2.6T NOW NEXT Market sizeMarket sizeMarket size $5.4T by 2030 Source: Own Research, Fortune Business Insights, 2023, Various Reports Circus SE I Company Presentation I Q4 2024 6
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CircusAI AI-Software developed to predict and automate operations; Run by CA-1 Our core products: The body and the brain of food-service autonomy + CA-1 Robot Fully autonomous meal production with no human labor involved Circus SE I Company Presentation I Q4 2024 7
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CircusAI: AI-Software to predict and run autonomous food-service operations, trained by 2 Trillion data points annually CircusAI Culinary Intelligence E.g. AI-Recipe Generation, Profiling and Order Voice AI CircusAI AI-Prediction E.g. Automated Procurement and Waste Prediction Computer Vision E.g. Vision Control of ingredients, Sensor Hygiene Monitoring CA-1 Unit Control E.g. Cloud-Based Robot Control and Simulation Circus SE I Company Presentation I Q4 2024 8
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CA-1 Robot: Our patented robotic system to power autonomous meal production — replacing >20 Employees 2B Meal variations generated by our AI 7.7sqm Minimal footprint, running 24/7 -95% Labor cost due to full service automation 2,300 Daily meals produced; up to 5 in parallel Circus SE I Company Presentation I Q4 2024 9
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Q2 24 Q3 24 €620.0M €1.1B€1.1B €1.7B Order Backlog 5,430 8,431 €1.1B Recurring revenue potential for CircusAI based on order backlog €1.7B Order hardware revenue potential for CA-1 Robot Commercial: €1.1 Billion in recurring revenue potential for 8,400 pre-ordered CA-1 Robots and CircusAI Circus Order backlog definition: The total order backlog includes both binding and non-binding agreements. Source: Company business plan, 1 November 2024. Circus SE I Company Presentation I Q4 2024 1 0
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Serving global infrastructure: Targeting enterprise food-service operators worldwide Mobility & Retail E.g. Store Integrations, Supermarkets, Airports Hospitality & Care E.g. Hotels, Hospitals, Elderly Care, Events E.g. Universities & Schools, Employee Catering F L C G r o u p Institutions (Beta) Circus SE I Company Presentation I Q4 2024 1 1
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Unleashing a global opportunity: Demand for 80 Million AI-robots for enterprise food-service clients alone, changing an entire industry forever Market Potential Today we have only reached 0.01% of our initial market potential 80M Manual Commercial Canteens globally Source: Own Reseach, Pictures: Illustrations Circus SE I Company Presentation I Q4 2024 1 2
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Mass Production: 6,000 annual unit production capacity for our AI-robots in strategic partnership with global leading manufacturer • • The North-American Company is a leader in technology production for Industrial applications, HealthTech, Automotive and Aerospace. 26k Employees +40 Factories worldwide Production Site EXPANSION CAPACITIES 35k Production Area (sqm) 6,000 +20 Unit Capacity (p.a.) Assembly Lines About the Partner Circus SE I Company Presentation I Q4 2024 1 3
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Full IP Ownership: Proprietary AI, robotics R&D and distribution owned by Circus, manufacturing for AI-Robots outsourced • • Proprietary Development of AI Control Systems Core Function Modules (e.g. Dispensing System) CONTRACT MANUFACTURER • • • End-to-End Assembly Warehousing and Component Sourcing Supply-Chain • • On Site Testing of Robots Global Service and Maintenance partnership CIRCUS R&D (AI and Robotics) CIRCUS Distribution and After-Sales Production, Supply Chain, Service & Maintenance • • Key Accounting and Technology After-Sales Predictive Maintenance, AI Cloud Updates Circus SE I Company Presentation I Q4 2024 1 4
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Next: Additional 17,000 AI-Robots currently in negotiations, tripling current order volume prior to ramp up of production CircusAI Training/ Beta Clients Order Backlog Generation Global Rollout of CircusAI & Robots • • $1.1B in recurring revenue potential for 8,400 systems Set up global contract Manufacturing Partnership • • >17,000 additional AI systems in negotiations Start Mass-Production with global partners • 600k dishes sold, AI Field testing with industry clients 2025 2024 2021-23 Circus SE I Company Presentation I Q4 2024 1 5
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Operating KPI business drivers: Key pillars of our revenue growth Short Term Mid Term (3-5 Years) Total CA-1 Produced [Units] Four- Digit p.a. Low Triple Digit AI Saas Share [% Annual Revenue] <10% >70% Double Digit Million >€1B p.a. Annual Revenue [in EUR] >25,000 Total Pre- Orders [Units] - Circus SE I Company Presentation I Q4 2024 1 6
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P&L Structure: Clear Path to Profitability - Our Strategic Mid-Term Targets Revenue (in EUR) Gross Profit (% of Revenue) Sales & Marketing (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) EBIT (% Margin) Mid Term (3-5 Years) >€1B p.a. >60% <10% 10-15% <5% 30-35% Comments Preliminary orders and production contract allow for revenue indication Increase % of SaaS from CircusAI driving up gross profit First mover advantage to allow for low sales costs; Strong market demand CA-1 units ready for mass production; R&D for AI applications and robotic moduls Lean company setup; Outsourced assembly and production Significant margin potential driven by high margin SaaS Circus SE I Company Presentation I Q4 2024 1 7
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Circus SE: Shareholding overview Shareholder Structure Founder (Nikolas Bullwinkel), Management, Investors, VCs and Angels agreed to five-year lockup prior to listing (until 09.2028) Investors, VCs, Angels Freefloat Management Nikolas Bullwinkel 33% 31% 10% 26% CA1 (XETRA) Since Jan 24 22.62M Total Shares Circus SE I Company Presentation I Q4 2024 1 8
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Circus SE: Leading the AI revolution in the trillion-dollar service industry with proven market leadership and high-growth potential Recurring revenues from high margin SaaS Business model with longterm lock- in effect through hardware sales Patented AI-robotics technology solution Technology ecosystem as core differentiator; ready to scale production A trillion dollar market opportunity Industry is overdue for change; room for a trillion-dollar company Strong multi-billion sales pipeline Over 8,400 robots (€1,7Bn) already signed in preliminary orders Founder and Management holding >30% of company Strong ownership and shareholder alignment; five-year lockup Management with major track record Founder built a €3Bn company in two years; strong industry expertise Circus SE I Company Presentation I Q4 2024 1 9
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www.circus-group.com Circus SE I Company Presentation I Q4 2024 2 0
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CA-1 Embodied AI at Merantix Campus, Berlin 2022 Circus SE I Company Presentation I Q4 2024 2 1
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CA-1 Proprietary AI Control Cabinet Circus SE I Company Presentation I Q4 2024 2 2
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Circus SE R&D Centre (top) and HQ (bottom) Circus SE I Company Presentation I Q4 2024 2 3
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Circus SE R&D Centre, Munich Circus SE I Company Presentation I Q4 2024 2 4
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Disclaimer This presentation (including any printed or electronic copy of these slides, any oral presentation, the question and answer session and any written or oral material discussed or distributed at or in connection with the management presentation, the "Presentation") has been prepared by Circus SE (the "Company" and, together with its subsidiaries, the "Group") and is strictly confidential. By attending the meeting where this Presentation is made or accessing this Presentation, you agree to be bound by the following limitations. This material is provided in conjunction with an oral presentation and should not be taken out of context. It is being provided for informational purposes only and should not be relied on for any purpose. This Presentation does not purport to be a full or complete description of the Company or the Group or its direct or indirect shareholders. This Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities of the Company, nor shall it or any part of it form the basis of or be relied upon in connection with or act as any inducement or recommendation to enter into any contract or commitment or investment decision or other transaction whatsoever. This Presentation is not directed at, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of those jurisdictions. This Presentation does not constitute a prospectus in whole or in part, and any decision to invest in securities should be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained herein. No representation, warranty or undertaking, express or implied, is made by the Company or any of its advisers, or their respective affiliates or any of their respective directors, officers, shareholders, employees or agents ("Representatives") or any other person, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, for any purpose whatsoever. No responsibility, obligation or liability is or will be accepted by the Company or any of its advisers or their respective Representatives or any other person in relation to any written or oral information provided in this Presentation. This Presentation is subject to updating, revision, amendment, verification, correction, completion and change without notice. In providing access to this Presentation, none of the Company or any of its advisers or their respective Representatives or any other person undertakes any obligation to provide the attendee or recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in any such Presentation, including any financial or market data or forward-looking statements. This Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date thereof. None of the Company's advisors or their respective Representatives have independently verified any of this Presentation. The Company has not decided finally whether to proceed with a transaction. Such a decision would be taken only after assessing a number of criteria, including feedback and prevailing market conditions. No orders are being taken at this time. Orders could only be placed and accepted during a formal offering period and only after a prospectus or offering circular had been made available. Any decision to purchase any securities of the Company in any offering should be made solely on the basis of information contained in any prospectus or offering circular that may be published by the Company in final form in relation to any proposed offering and which would supersede this Presentation in its entirety. If published, any such prospectus or offering circular would include a description of risk factors in relation to an investment in the Company. You should conduct your own independent analysis of all relevant data provided in any prospectus or offering circular and you are advised to obtain independent expert advice as to the legal, tax, accounting, financial, credit and other related aspects before making any investment decision. Circus SE I Company Presentation I Q4 2024 2 5
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The Presentation and discussion may contain forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "plans", "targets", "aims", "continues", "believes", "estimates", "anticipates", "expects", "intends", "may", "will", "could" or "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's prospects, growth, strategies, industry and potential or ongoing acquisitions. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance and the development of the Company's prospects, growth, strategies, industry and the effect of acquisitions may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation. In addition, even if the development of the Company's prospects, growth, strategies and industry are consistent with the forward-looking statements contained in this Presentation, those developments may not be indicative of the Company's results, liquidity or financial position or of results or developments in subsequent periods not covered by this Presentation. Certain industry, market and competitive position data contained in this Presentation comes from third-party sources. Third-party industry publications generally state that the information they contain originates from sources assumed to be reliable, but that the accuracy and completeness of such information is not guaranteed and that the calculations contained therein are based on assumptions. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company, nor any other member of the Group, the Company's advisors, or any of their respective Representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this Presentation comes from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company and the other members of the Group operate. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Finally, market studies and analyses are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions, are frequently based on information and assumptions that may not be accurate or technically correct, and their methodology may be forward-looking and speculative. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in this Presentation. This Presentation includes financial information based on the financial statements from the Company which are prepared in accordance with generally accepted accounting principles of the German Commercial Code ("German GAAP"). Financial statements prepared under German GAAP may differ in certain material aspects, including the methodologies used to interpret underlying financial reporting as they relate to revenue recognition, from those financial reporting standards used under International Financial Reporting Standards. Certain measures of operating and financial data included in this Presentation have not been calculated in accordance with German GAAP or any other generally accepted accounting principles and are therefore considered "non-GAAP financial measures". These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with German GAAP. You are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included herein. Certain financial information in this Presentation (including percentages) has been rounded according to established commercial standards. You are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included herein. Certain financial information in this Presentation (including percentages) has been rounded according to established commercial standards. Circus SE I Company Presentation I Q4 2024 2 6
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This Presentation and any materials distributed in connection with this Presentation are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. This Presentation does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities described herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in or into the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. In the United States, this Presentation is directed only at persons reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act. This Presentation is for information purposes only and does not constitute an offering in the European Economic Area and the United Kingdom. This Presentation is only addressed to and directed at persons in member states of the European Economic Area and the United Kingdom (each a "Relevant State") who are “qualified investors” within the meaning of the Prospectus Regulation (Regulation (EU) 2017/1129, in the case of the United Kingdom, as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) ("Qualified Investors"). In addition, in the United Kingdom, the information contained in this Presentation is being distributed only to, and is directed only at, Qualified Investors who are persons (i) having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) falling within Article 49(2)(a) to (d) of the Order, or (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This Presentation must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any Relevant State, by persons who are not Qualified Investors. Any investment or investment activity to which this Presentation relates is available only to or will be engaged in only with, (i) Relevant Persons in the United Kingdom, and (ii) Qualified Investors in any Relevant State. Access to this Presentation is being given in connection with a proposed meeting with the Company and no copy of this Presentation will be left behind after this meeting. By attending this presentation and/or accepting or reading a copy of this Presentation, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this notice including, without limitation, the obligation to keep this Presentation and its contents confidential. Circus SE I Company Presentation I Q4 2024 2 7