# EDGAR Filing Document

**Accession Number:** 0001869858
**File Stem:** 0001157523-23-000180
**Filing Date:** 2023-2
**Character Count:** 70395
**Document Hash:** e20c2ddc4379541ae85dd671a6a8d224
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000180.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001157523-23-000180

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230207

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SIGNA Sports United N.V.
- **CENTRAL INDEX KEY:** 0001869858
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** P7
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41156
- **FILM NUMBER:** 23592740

**BUSINESS ADDRESS:**
- **STREET 1:** KANTSTRABE 164, UPPER WEST
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10623
- **BUSINESS PHONE:** 49-30-700-108-900

**MAIL ADDRESS:**
- **STREET 1:** KANTSTRABE 164, UPPER WEST
- **CITY:** BERLIN
- **STATE:** 2M
- **ZIP:** 10623

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SIGNA Sports United B.V.
- **DATE OF NAME CHANGE:** 20210628

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

February 7, 2023

Commission File Number: 001-41156

SIGNA SPORTS UNITED N.V.

Kantstraße 164, Upper West

10623 Berlin, Federal Republic of Germany

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

On February 7, 2023, SIGNA Sports United N.V. (the "Company") issued an earnings presentation for the three and 12-month periods ended September 30, 2022 for SIGNA Sports United GmbH ("SSU"), its wholly-owned subsidiary, which is attached hereto as Exhibit 99.1, and issued a press release announcing the fourth quarter and fiscal year 2022 financial results for SSU, which is attached hereto as Exhibit 99.2.

NO INCORPORATION BY REFERENCE

The information furnished in this Report on Form 6-K, including Exhibits 99.1 and 99.2 attached hereto, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as otherwise expressly stated in such filing.

EXHIBITS

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| | |
|:---|:---|
| Exhibit<br>Number<br>| Description |
| [99.1](a53303859ex99_1.htm) | [SIGNA Sports United GmbH earnings presentation for the three and 12-month periods ended September 30, 2022](a53303859ex99_1.htm). |
| [99.2](a53303859ex99_2.htm) | [Press release dated February 7, 2023](a53303859ex99_2.htm). |

---

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | SIGNA SPORTS UNITED N.V. | SIGNA SPORTS UNITED N.V. |
| Date: February 7, 2023 | By: | /s/ Stephan Zoll |
|  |  | Stephan Zoll |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**<br>

FY22EarningsPRESENTATION February 7, 2023

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Disclaimer SIGNA SPORTS UNITED 2 These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results and benefits of SSU following the business combination, future opportunities for SSU, future planned products and services, business strategy and plans, objectives of management for future operations of SSU, market size and growth opportunities, competitive position, technological and market trends, and other statements that are not historical facts. These statements are based on the current expectations of SSU's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions as a result of the war in Ukraine, significant inflation, higher financing costs, an increase in energy costs, a negative consumer sentiment and COVID-19. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this Presentation, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Forward-looking statements appear in a number of places in this Presentation and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. The forward-looking statements in this Presentation may include, without limitations, statements about: • our future financial condition and operating results; • our ability to remain in compliance with financial covenants under our financing arrangements; • our ability to extend, renew or refinance our existing debt; • our liquidity and losses from operations and projected cash flows and related impact on our ability to continue as a going concern; • our growth, expansion and acquisition prospects and strategies, the success of such strategies, and the benefits we believe can be derived from such strategies; • our ability to effectively manage our inventory and inventory reserves; • impairments of our goodwill or other intangible assets; • changes in consumer spending patterns and overall levels of consumer spending; • our ability to further upgrade our information technology systems and infrastructure, including our accounting processes and functions, and other risks associated with the systems that operate our online retail operations; • our ability to continue to remedy weaknesses in our internal controls; • costs as a result of operating as a public company; • our assumptions regarding interest rates and inflation; • changes affecting currency exchange rates; • continuing business disruptions arising from the on-going war in Ukraine and in the aftermath of the coronavirus pandemic; • our financial condition and ability to obtain financing in the future to implement our business strategy and fund capital expenditures, acquisitions and other general corporate activities; • estimated future capital expenditures needed to preserve our capital base; • changes in general economic conditions in the Federal Republic of Germany ("Germany"), and the European Union and the Unites States of America, including changes in the unemployment rate, the level of energy and consumer prices, wage levels, etc.; • the further development of online sports markets, in particular the levels of acceptance of internet retailing; • our behavior on mobile devices and our ability to attract mobile internet traffic and convert such traffic into purchases of our goods; • our ability to offer our customers an inspirational and attractive online purchasing experience; • demographic changes, in particular with respect to Germany; • changes in our competitive environment and in our competition level; • the occurrence of accidents, terrorist attacks, natural disasters, fires, environmental damage, or systemic delivery failures; • our inability to attract and retain qualified personnel, consultants and collaborators; • political changes; • changes in laws and regulations; • our expectations relating to dividend payments and forecasts of our ability to make such payments; and • other factors discussed in "Item 3. Key Information — D. Risk Factors" in our 20-F filing as of February 7, 2023. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in "Item 3. Key Information—D. Risk Factors" in in our 20-F filing as of February 7, 2023. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this Presentation. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Presentation. In addition, statements such as "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Presentation. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly on these statements. Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this Presentation and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. Totals have been calculated on the basis of non-rounded euro amounts and may differ from a calculation based on the reported million euro amounts.

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Agenda 01. Financial Update 02. commercial change 03. outlook Appendix SIGNA SPORTS UNITED 3

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Source: Company information. Note: Core markets represent markets with inventory held in-country. FY19 metrics restated for continuing operations only, as a result of discontinued operations related to Athleisure, pro forma for WCRC, Midwest Sports and Tennis Express. (1) SSU financial year end as of 30 Sep 22. FY22 metrics for continuing operations only, as a result of discontinued operations related to Athleisure, pro forma for WCRC, Midwest Sports and Tennis Express. WCRC closed concurrently with de-SPAC transaction on Dec 14, 21. Tennis Express acquisition closed on Dec 31, 21. FY19 PF FY221 Visits (m) GEOGRAPHIC expansion SSU FY19 – FY22: consolidated positions in most significant sports retail markets SIGNA SPORTS UNITED Active Customers (m) FY19 PF FY221 Net Orders (m) FY19 PF FY221 scale increase over the past 3 years JP AUS / NZ USA SSU Core Market Expansion SSU Core Markets SSU Non-Core Markets

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SIGNA SPORTS UNITED 5 challenging Environment – focus on core markets SSU is a buy-and-build strategy; the assets that we have acquired typically operate from a scaled logistics infrastructure serving markets internationally Our businesses are characterized by market-leading positions in core markets and promising international positions where we have competed intensively to win market share and establish SSU's brands The combination of supply chain disruptions and a deterioration in consumer confidence due to the conflict in Ukraine, has resulted in competitive, overstocked markets significantly impacting profitability, particularly in international markets The current market environment requires SSU to retrench focus on core markets with strong competitive positions and unit economics Clear assessment and focused plan to return the business to run rate profitability1 in FY24: comprehensive strategic realignment assessment underway with a focus on generating long-term shareholder value Adapt commercial and operating models and improve inventory management Focus on core markets and operations Deliver transaction synergies Proactive commitments achieved to ensure financial flexibility in a persistent adverse operating environment Near-term challenges accelerate long-term opportunity to consolidate the highly fragmented specialist sports retail market (1) On an Adjusted EBITDA basis.

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Defined near-term plan to adapt the operating model and return the business to profitability Comprehensive assessment of long-term strategy Actions Taken to Respond to Challenging Market in the next 12-18 months SIGNA SPORTS UNITED 6 Cost initiatives Trade Working Capital Financial Flexibility Strategic ReAlignment Comprehensive cost reduction program Logistics consolidation Targeted inventory reduction Focus on terms to achieve structural long-term benefits SSU's banks have agreed on a temporary relief of covenants €130M commitment secured from major shareholder Ensures runway even in a persistent adverse operating environment

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01. Financial update 02. commercial change 03. Outlook APPENDIX Financial Update

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FY20 FY21 FY22 Operating in adverse market conditions SIGNA SPORTS UNITED 8 SUPPLY CHALLENGES EASING AS DEMAND DETERIORATED WITH INFLATION SPIKE GLOBAL SUPPLY CHAIN PRESSURE INDEX EU CONSUMER CONFIDENCE INDEX Source: Factset as of December 31, 2022 1.2 (22.2) LEGACY SSU NET REVENUE ORGANIC YOY GROWTH FY22 Reported YoY growth +30.6% +16% organic CAGR vs. pre-Covid (FY22 vs. FY19) Note: Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. Legacy SSU excluding Midwest Sports, Tennis Express and WCRC. FY22 Set-up: limited visibility on supply, robust consumer confidence Cautious build-up of inventory where possible to mitigate potential future supply shocks (e.g. Omicron) Unforeseen conflict in Ukraine resulting in inflation shock and deterioration in consumer sentiment, materially impacting disposable spending and competitive environment Accelerating market contraction of sports retail market FY23 Set-up: supply chains improved, low consumer confidence, overstocked markets Decelerating contraction of the sports retail market, expected to improve gradually Timing of demand normalization dependent on wage growth and lower inflation; Germany and UK most affected Market overstock and cost inflation will impact sports retail industry profitability in FY23 Dislocations driving organic and inorganic consolidation which will result in an improved market structure Start of conflict in Ukraine 0.1 (6.5) FY23 FY20 FY21 FY22 FY23

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Q4 FY22 & FY22 OPERATING PERFORMANCE: gaining scale in challenging conditions SIGNA SPORTS UNITED 9 ACTIVE CUSTOMERS (M) Source: Company information. Note: Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. For historical comparison of PF metrics, please see Appendix. Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. (1) Legacy SSU growth vs. FY19: visits at +21%, conversion at +82 bps, net orders at +68%, net AOV at (3)%, active customers at +81%. Q4 FY21 Q4 FY22 YoY PF YoY Total Visits (M) Net Orders (M) Net AOV (€) 72.8 79.2 +9% (23%) 2.1 2.5 +21% (15%) 95.6 102.1 +7% +2% Pro forma for closed acquisitions FY21 PF FY22 YoY PF YoY 262.9 319.7 +22% (25%) 6.8 9.5 +40% (14%) 102.1 101.8 (0%) (2%) FY22YoY Growth +39.5% FY21YoY Growth +35.5% FY20YoY Growth +30.2% FY22CAGR vs. FY19 +35.0% Acquisitions closed in-period meaningfully augment scale of SSU platform to 6.7M active customers (on a continuing operations basis) PF FY22 decline in active customers and net orders follows similar trend as in Q3 FY22, on the back of soft consumer sentiment, lingering supply constraints and lapping pandemic-driven spikes Increased Q4 FY22 net AOV YoY, as supply constraints of higher-priced bike items eased Optimized marketing spend resulted in +36bps conversion PF YoY growth Strong PF growth vs. pre-Covid (FY19) of conversion +90 bps, net orders +17%, AOV +2.5% and active customers +27%1

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FY21 FY22 YoY PF YoY Q4 FY22 & FY22 financial PERFORMANCE impacted by macro challenges SIGNA SPORTS UNITED 10 NET REVENUE Note: Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11 - Discontinued Operations. Metrics are presented on a Non-GAAP basis. For more information on the definitions, please see the Defined Terms page in the Appendix. For reconciliation to nearest IFRS financial metrics, see Appendix. ` Q4 FY21 Q4 FY22 YoY PF YoY Net Revenue (€M) Gross Profit (€M) Gross Profit Margin Adj. EBITDA (€M) Adj. EBITDA Margin Q4 FY21YoY Growth +11.2% Q4 FY22YoY Growth +28.2% 234.0 300.1 +28% (11%) 87.7 94.7 +8% (27%) 37.5% 31.6% (592)bps (719)bps 0.2 (28.8) NM NM 0.1% (9.6%) NM NM 813.7 1,062.8 +31% (12%) 313.5 368.6 +18% (21%) 38.5% 34.7% (385)bps (387)bps 29.6 (66.5) NM NM 3.6% (6.3%) NM NM FY21YoY Growth +26.3% FY22YoY Growth +30.6% Q4 FY20YoY Growth +40.1% FY20YoY Growth +35.3% Q4 FY22CAGR vs. Q4 FY19 +26.0% FY22CAGR vs. FY19 +30.7% Acquisitions closed in-period drive significant scale: +31% net revenue reported YoY growth in FY22, supported by WCRC and Tennis Express contribution Net revenue PF YoY decline impacted by e-bike supply shortage and demand softening accelerating in Q4 FY22 Gross margin heavily affected by promotional activity to manage inventory and liquidity Adj EBITDA margin drastic YoY compression due to lower sales base and gross margin, coupled with inflation across key opex items +25% net revenue PF growth vs. pre-Covid (FY19), demonstrating positive megatrends: health & lifestyle, e-mobility and e-commerce in (€M)

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Operating Cost overview SIGNA SPORTS UNITED ADJUSTED EBITDA MARGIN BRIDGE 11 Note: Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. Metrics are presented on a Non-GAAP basis. (1) For more information on the definitions, please see the Defined Terms page in the Appendix. For reconciliation to nearest IFRS financial metrics, see Appendix. FY21% OF NET SALES FY22% OF NET SALES CHANGE (bps) COMMENTS Gross Margin 38.5% 34.7% (385) Low-mid end of assortment: competitive and overstocked High end of assortment: persistent supply chain challenges Personnel (10.2%) (12.7%) (250) Lower revenue base and strategic new hires Wage inflation Logistics (10.0%) (11.5%) (151) Cost inflation, higher returns (product mix) Increased split orders during logistics consolidation Marketing (7.7%) (8.4%) (69) Increase in paid marketing to offset drop in organic traffic IT / Other (7.1%) (8.4%) (134) Lower revenue base and investing in re-platforming Public company costs Adj. EBITDA(1) 3.6% (6.3%) (989)

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Free cash flow impacted by operating conditions SIGNA SPORTS UNITED 12 Note: Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. Metrics are presented on a Non-GAAP basis. Cash flow from Continuing Operating Activities includes (€1.9M) of Effect of exchange rate changes on cash and cash equivalents. Top line growth and Adj EBITDA profitability of (€66.5M) weakened significantly, in line with deteriorating market conditions over the course of FY22 Significant inventory build-up of (€40.4M) due to softening demand Reported change in TWC of (€4.7M) impacted by 9-month contribution of acquisitions; working capital development less favorable on a full-year pro forma basis Elevated €45.5M Capex associated with: Logistics consolidation Technology projects to re-platform acquired assets Significant cash outflows related to listing and WCRC acquisition Cash flow from Continuing Financing Activities mainly associated with funding commitments Strong PF liquidity position as of FY22 CASH FLOW BRIDGE in (€M)

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Inventory levels impacted by the conflict in Ukraine, which strongly affected consumer confidence at the start of peak season in March FY22 Significant delays of inbound orders (several months) due to supply chain challenges reversed quicker than expected Highly promotional environment in H2 FY22 as market participants sought liquidity ahead of slower winter months Forward purchases reduced to provide more flexibility Opportunity to release capital as inventory levels normalize Heightened inventory levels due to rapid supply chain improvement SIGNA SPORTS UNITED 13 Note: Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. (4.1)% in (€M) €270M €250M Target Range PRO FORMA INVENTORY EVOLUTION c. €300M

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balance sheet commitments provide flexibility to execute plans SIGNA SPORTS UNITED 14 Source: Company information. (1): Refer to Note 7.14 - Non-current Financial Liabilities. (2): The Company has entered into a €50M revolving credit facility with SIGNA Holding GmbH an affiliate of its largest shareholder SIGNA International Sports Holdings GmbH. Subsequently, the Company and SIGNA Holding GmbH have entered into a second €50M RCF, to be utilized to fund general corporate purposes including working capital and Capex (refer to Note 7.14 - Non-current Financial Liabilities). (3): €100M senior convertible notes (refer to Note 18 - Events after the Reporting Period). (4): €130M commitment (refer to Note 18 - Events after the Reporting Period). Proactively negotiated waiver of banking covenants under €100m RCF facility until June 2024 Further commitment from SIGNA Holding GmbH providing the company with the right to put additional convertible bonds to SIGNA Holding GmbH, for an aggregate additional principal amount of up to €130M3 Strengthened financial flexibility enabling SSU to pursue adapted strategy LIQUIDITY POSITION Q4 FY22 NEGOTIATED COMMITMENTS in (€M)

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01. Financial update 02. commercial change 03. Outlook APPENDIX Commercial change

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Track record of growth in core & international markets 16 PF Revenue: geographic Evolution Note: Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. Current Environment Requires a Change of Approach Leading positions in core markets of DACH, UK, Nordics and U.S. with a clear right to win International expansion strategy historically focused on investing margin and marketing to win share Brexit, C-19 distortions, and cost inflation have rendered SSU brands uncompetitive into many international markets Plan to localize international markets with teams and logistics infrastructure requires significant capital investment Serving international markets has added significant complexity in (€M) SIGNA SPORTS UNITED PF Revenue YoY Growth in Core markets (FY21-22) - 8% PF Revenue YoY Growth in Non-core markets (FY21-22) - 19% + 22%CAGR FY19-21 + 17%CAGR FY19-21

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SIGNA SPORTS UNITED 17 focused plan to return the business to run rate profitability\* in FY24 (1/2) \* On an Adj. EBITDA basis for FY24 Deliver transaction synergies 03 Adapt commercial and operating models 02 Focus on core markets 01

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SIGNA SPORTS UNITED 18 focused plan to return the business to run rate profitability\* in FY24 (2/2) Focus area Alter positioning outside of core markets Optimize pricing and service levels for contribution Refocus international partnerships Scale back international partnerships Pause international logistics expansion Efficient stock management Improve order economics Optimize cost base Reduce complexity with common operating procedures impact Revenue synergy e.g. cross-sell own brands Cost synergies in procurement Efficiency from consolidating logistics footprint and technology Increased revenue Increased gross margin Reduced personnel costs Reduced logistics costs Reduced technology costs 01 Focus on core markets 02 Adapt commercial and operating models 03 Deliver transaction synergies Increased gross margin Reduction in working capital Increased stock turn Reduced marketing costs Reduced logistics costs Reduced overhead costs \* On an Adj. EBITDA basis for FY24 Lower revenues Increased gross margin Reduced marketing costs Reduced overhead costs Reduced capex

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SIGNA SPORTS UNITED 19 Impact of Changes to Operating Approach in Fy23 Focus on core markets and changes in the commercial model to result in lower sales, particularly in international markets, but sales to be at a higher contribution Significant gross margin contraction expected through H1 FY23 to reach target inventory levels, especially in overstocked categories at the lower end of the bike market; gross margins to start to recover from H2 FY23 Focus on lean operating processes to result in accelerating cost benefits from FY24 Transaction synergies to start to accrue from FY24 as IT re-platforming, logistics consolidation, and procurement benefits kick in Focus on reducing inventory levels expected to release €30-40M of capital in FY23 Capex expected to be €35-40M in FY23, as various IT and logistics projects are completed Waiver and capital commitments ensure financial flexibility to execute strategic realignment

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outlook 01. Financial Update 02. commercial change 03. Outlook APPENDIX

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C-19 Growth SIGNA SPORTS UNITED 21 Source: Company information, Wall Street research MEGATRENDS GLOBAL ONLINE RETAIL PENETRATION (2007-2026) SSU Equity Story MORE RELEVANT THAN EVER LONGEVITY / HEALTHY LIFESTYLE E-MOBILITY & GREEN OFFLINE TO ONLINE SHIFT SPORTS DIGITALIZATION MEGATRENDS GAINING FURTHER MOMENTUM

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SIGNA SPORTS UNITED 22 CUSTOMEREXPERIENCE FULFILMENT SPECIALISTSERVICES Data / RMS SSU is the only e-tailer in our categories with reach across Europe and NAM and the infrastructure to pursue such a buy-and-build strategy The current market dislocation has created attractive M&A opportunities Highly fragmented landscape Subscale regional competition Consolidate in-market or enter new markets Fragmented c.2,000+ brands Largely distribute wholesale Target smaller brands with strong IP across key categories Combined sourcing & purchasing Marketing & sales Consolidate logistics Migrate sales from wholesale to SSU Enable brands D2C Expand geographic reach Strongly positioned to Leverage M&A Opportunities Consolidate reach Acquire specialist Sports e-Tailers Verticalize Grow & build a portfolio of brands SSU remains Strongly POSITIONED TO CREATE VALUE through M&A

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Near-term challenges accelerate long-term opportunity SIGNA SPORTS UNITED 23 Intact structural megatrends behind online specialist sports retail Market dislocation is accelerating industry consolidation Strategic realignment to increase SSU's competitiveness for sustainable and profitable growth Targeted investments across logistics and IT to enable long-term cost structure Accelerate M&A activities to take advantage of attractive buying opportunities

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APPENDIX 01. Financial Update 02. Commercial change 03. Outlook APPENDIX

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SSU commitment to sustainability SIGNA SPORTS UNITED 25 Note: (1) SIGNA Sports United ESG report available on https://investor.signa-sportsunited.com/esg/ FY22: defining SSU's sustainability guidelines 1st SSU ESG report released in FY22 Understand and contain carbon footprint Improve sustainable product lifecycle Encourage recycling Increase diversity across the organisation Foster an environment in which employees develop best Promoting fair play for our people and the planet, by encouraging a sustainable and active lifestyle Conduct company-wide ESG Materiality Assessment Further define ESG strategy Identify concrete levers and set action plan and goals for all businesses Target: 2nd ESG report to be published in 2023 Climate neutral company for 3rd consecutive year FY23: Turning our vision into action

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Key performance indicators SIGNA SPORTS UNITED 26 Source: Company information. Note: SSU (Reported View) excludes the impact of WiggleCRC, Tennis Express acquisitions until Q2 FY22. Midwest Sports included from 09-May-2021. Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. SSU (Reported view excl. Discontinued operations) and Pro Forma SSU metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. For more information on the definitions, please see the Defined Terms page in the Appendix.

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customer base impacted by softening macro conditions SIGNA SPORTS UNITED 27 Source: Company information. Note: Customer retention data represents SSU Group pro forma, excluding data from Tennis Express, Outfitter Team sports and Discontinued operations.(1) Revenue Retention excl. Tennis Express, Outfitter and Stylefile = (Y[t] revenues all cohorts – Y[t] revenues new cohorts) / (Y[t-1] revenues all cohorts). Actuals LTM September, revenue cohorts greater than 1+ years. \| FX-Rate GBP:EUR 1.16 Yoy Decrease in NEW CUSTOMER PF INTAKE due to macro % Revenue Retention(1) Lower PF CUSTOMER RETENTION due to softer demand Revenue Retention Cohorts Older Than 1+ Years Revenue Retention All Cohorts

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Reconciliation of Reported P&L at current scope SIGNA SPORTS UNITED 28 Source: Company information. Note: Discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. For more information on the definitions, please see the Defined Terms page in the Appendix. Metrics are presented on a Non-GAAP basis. in (€M)

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Reconciliation of pro forma P&L at current scope SIGNA SPORTS UNITED 29 Source: Company information. Note: Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. SSU (excl. Discontinued operations) metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. For more information on the definitions, please see the Defined Terms page in the Appendix. Metrics are presented on a Non-GAAP basis. in (€M)

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Reconciliation of Adjusted EBITDA SIGNA SPORTS UNITED 30 Note: All metrics exclude the impact of Tennis Express and WiggleCRC acquisitions. Midwest Sports contribution included from May 1, 21. Metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure. Refer to Note 11- Discontinued Operations. Net loss broadly due to a (€244) million goodwill impairment charge and (€122) million one-off accounting charges related to the public listing on the NYSE. Impairment loss mainly associated with WCRC acquisition. Other net finance (income) / costs mainly consist of currency gains and losses and impact from derivative revaluations. Reorganization and restructuring costs: include expenses in accordance with IFRS 2, the €122M value of 12.6 million shares issued to Yucaipa Acquisition Corporation as part of the business combination in excess of Yucaipa's net assets must be expensed on SSU's consolidated income statement. in (€M)

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SSU FINANCIAL POSITION AS OF FY22 SIGNA SPORTS UNITED 31 CAP TABLE(1) Source: Company information. Note: For further information on terms of warrants, see SEC F-1 filing as of Dec 23, 2021. (1): Excludes 51.0M earnout shares issuable to SISH upon meeting certain share price targets. Earnout shares are split into six equal tranches of 8.5M shares issuable at SSU common stock share prices of $12.50, $15.00, $17.50, $20.00, $22.50, and $25.00. Excludes 14.6M Ordinary Shares underlying the €100M convertible bonds that may be deemed to be beneficially held by SIGNA European Invest Holding AG (see 20-F filing as of Feb 7, 2023). (2): Refer to Note 7.14 - Non-current Financial Liabilities. (3): The Company has entered into a €50M revolving credit facility with SIGNA Holding GmbH an affiliate of its largest shareholder SIGNA International Sports Holdings GmbH. Subsequently, the Company and SIGNA Holding GmbH have entered into a second €50M RCF, to be utilized to fund general corporate purposes including working capital and Capex (refer to Note 7.14 - Non-current Financial Liabilities). (4): €100M senior convertible notes (refer to Note 18 - Events after the Reporting Period). (5): €130M commitment (refer to Note 18 - Events after the Reporting Period). LIQUIDITY POSITION in (€M)

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![](slide32.jpg)

Defined Terms SIGNA SPORTS UNITED 32

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![](slide33.jpg)

THANK YOU SIGNA SPORTS UNITED 33 SSU Investor Relations https://investor.signa-sportsunited.com SSU Investors Contact Alima Levy a.levy@signa-sportsunited.com +49 174 7304938

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## Exhibit 99.2

**Exhibit 99.2**<br>

# **SIGNA Sports United Reports Q4 FY22 and FY22 Results** 
 **FY22 net revenue of €1,063 million, YoY growth of +31%<sup>1</sup> Challenging market situation impacting FY22 profitability <br> Strategic realignment assessment and cost reduction measures underway** 

*** **FY22 includes three quarters of full contribution of businesses acquired in-period (WiggleCRC and Tennis Express)** 

* **Active customers of 6.7 million, representing an increase of +39% YoY** 

* **Net revenue up +28% to €300 million in Q4 FY22 and +31% to €1,063 million in FY22 YoY; pro forma<sup>2</sup> FY22 revenue of €1,199 million** 

* **Gross profit increased YoY by +8% to €95 million in Q4 FY22 and +18% to €369 million in FY22** 

* **Adj. EBITDA at (€29) million in Q4 FY22 and (€66) million in FY22** 

* **Net loss at (€566) million for FY22, largely impacted by non-cash goodwill impairment and one-off accounting charges related to the public listing on NYSE** 

* **Increased financial flexibility as SSU obtains covenant waivers on its €100 million bank RCF and secures €130 million commitment from major indirect shareholder**

BERLIN--(BUSINESS WIRE)--February 7, 2023--SIGNA Sports United N.V. ("SSU" or the "Company"), a NYSE-listed specialist sports e-commerce company with businesses in bike, tennis, outdoor, and team sports, today reported financial results for the fourth quarter of fiscal year 2022 and full fiscal year 2022 ended September 30, 2022. Q4 FY22 includes full contribution of businesses acquired in-period, WiggleCRC and Tennis Express (acquisitions closed on December 14 and December 31, 2021, respectively).

The past year has seen an unexpected downturn in consumer sentiment, inflationary pressures and the operating environment as a whole, impacting SSU's main markets over the course of FY22. Nevertheless, SSU achieved several significant milestones in fiscal year 2022: the Company listed on the NYSE and considerably augmented the scale of its two main categories, bike and tennis. As such, the acquisitions which closed in Q1 FY22 enabled SSU to deliver double-digit net sales YoY growth and to more than double its net revenue vs. pre-Covid (+123% vs. FY19) on a reported basis. Similarly, the Company's reach expanded meaningfully as its customer base increased by +39% YoY and +146% vs. pre-Covid (FY19) on a reported basis.

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On the profitability side, the combination of supply chain challenges and the deterioration in consumer confidence coinciding with the conflict in Ukraine, has resulted in a competitive, overstocked market significantly impacting margins, particularly in the bike business and in international territories. The Company is as such renewing its focus on profitability by leveraging on its core geographies and assessing selective strategic opportunities to deliver sustainable long-term value to shareholders.

Stephan Zoll, CEO of SSU, said, "Fiscal 2022 was a year of two halves, meaningfully increasing our scale through acquisitions before being affected by the macroeconomic turbulence. We successfully achieved several operational wins, expanding our Own brand range, increasing our tennis customer reach and advancing our plan to enter the US bike market. The unexpected consumer sentiment deterioration and inflationary pressures due to the conflict in Ukraine, affected our operations and margins significantly, particularly in the bike business and in international geographies. We are thus now shifting our commercial approach to focus on our core markets, where we enjoy leading positions. We are confident the strategic realignment currently underway will enable us to emerge as a more agile and resilient scaled leader, and take advantage of the many consolidation opportunities arising from these turbulent times."

 ***Q4 FY22 and FY22 Consolidated Financial Summary and Key Operating Metrics (Continuing Operations)***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q4**<br>**FY21** | **Q4**<br>**FY22** | **YoY**<br>**Growth** | <br>**FY21** | <br>**FY22** | **YoY**<br>**Growth** |
| ***<u>Key Financials</u> <u>(in EUR millions)</u>*** |  |  |  |  |  |  |
| **Net Revenue** | **€234**  | **€300**  | **28.2%** <br>  | **€814**  | **€1,063**  | **30.6%** <br>  |
| Gross Profit | €88  | €95  | 8.0% | €314  | €369  | 17.6% |
| *% Margin* | *37.5* <br> *%*  | *31.6* <br> *%*  | (592)bps | *38.5* <br> *%*  | *34.7* <br> *%*  | (385)bps |
| **Adj. EBITDA** | **€0**  | **(€29)** <br>  | **NM**  | **€30**  | **(€66)** <br>  | **NM**  |
| *% Margin* | *0.1* <br> *%*  | *(9.6* <br> *%)*  | NM  | *3.6* <br> *%*  | *(6.3* <br> *%)*  | NM  |
| ***<u>Operating Performance</u> <u>(in millions)</u>*** | ***<u>Operating Performance</u> <u>(in millions)</u>*** |  |  |  |  |  |
| **LTM Active Customers** | **4.8**  | **6.7**  | **39%** <br>  | **4.8**  | **6.7**  | **39%** <br>  |
| Total Visits | 72.8  | 79.2  | 9% | 262.9  | 319.7  | 22% |
| Net Orders | 2.1  | 2.5  | 21% | 6.8  | 9.5  | 40% |
| Net AOV | €95.6  | €102.1  | 7% | €102.1  | €101.8  | (0 %) |

---

 *Note: Financials inclusive of Tennis Express from Jan 1, 2022 and inclusive of WCRC from Dec 15, 2021. FY22 KPIs PF for acquisitions closed in-period. Please refer to Non-IFRS Financial Measures section for further detail regarding disclosed metrics. "NM" defined as not meaningful.*

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Alex Johnstone, the Company's CFO, said, "As very challenging market conditions weighed incrementally on our performance throughout FY22, we are retrenching our focus to our core markets, where we have strong competitive positions and good unit economics. This change in commercial approach, coupled with a focused plan to adapt our operating model and deliver transaction synergies, should enable the Company to return to run-rate Adj. EBITDA profitability in FY24. The agreements with our lending group and further capital commitment provide the required financial flexibility to return the Company to profitable growth and take advantage of attractive consolidation opportunities."

 ***Q4 FY22 Business Highlights / Commentary***

* *Business Update*

 SSU's scale meaningfully increased thanks to WiggleCRC and Tennis Express acquisitions, driving double-digit group revenue growth on a reported basis 
 Strong impact of increased customer cost-of-living challenges and lingering supply constraints across businesses, especially bike, particularly in our core Germany and UK markets 
 Stepped up markdowns in H2 FY22 to manage building inventory resulting from the severe deterioration in consumer sentiment caused by the conflict in Ukraine 
 Deterioration in gross margin combined with inflationary pressures, strongly affecting profitability, especially in international markets 

* *Key Performance Indicators (KPIs)*

 +39% YoY growth to 6.7 million active customers, led by recent acquisitions and focused marketing spend to drive conversion. Legacy SSU +3% active customer growth despite deteriorated consumer sentiment 
 Meaningful increase in visits with +9% YoY traffic growth in Q4 FY22 and +22% in FY22 on a reported basis, thanks to acquisitions closed in FY22. Decline in pro forma organic traffic due to worsening consumer sentiment, remaining
 supply constraints and lapping Covid-19 driven spikes 
 Strong +21% reported YoY increase to 2.5 million net order in Q4 FY22 and +40% to 9.5 million in FY22, thanks to acquisitions closed in-period. Net order YoY decline on a pro forma basis driven by the traffic decrease, in the
 challenging operating environment 
 Net AOV increased by +7% YoY to €102.1 in Q4 FY22 and was stable YoY at €101.8 in FY22 on a reported basis, due to better bike availability on the back of easing supply chain constraints on lower and mid-end ranges 
 Pro forma growth vs. pre-Covid (FY19) of active customers (+27%), conversion (+90 bps), net orders (+16%) and AOV (+3%), despite lower traffic (-19%) due to Brexit impact on WCRC 

* *Financial Update*

 +28% net revenue YoY growth to €300 million in Q4 FY22 and +31% to €1,063 million in FY22 on a reported basis. The deteriorated macroeconomic backdrop combined with prolonged supply chain constraints on high-end ranges, weighed on the
 pro forma performance, and was only partly mitigated by promotional activity to drive sales and manage overstock. Net revenue stood at -11% YoY in Q4 FY22 and -12% YoY in FY22, on a pro forma basis. The positive impact of multiple
 long-term megatrends supported net revenue pro forma growth vs. pre-Covid, at +25% vs. FY19 
 Gross margin was down -592bps YoY to 31.6% in Q4 FY22 and down -385bps to 34.7% in FY22, reflecting increased discounting activity required to drive consumer demand and manage inventory overstock, especially in H2 FY22 
 Adj. EBITDA reached (€29) million in Q4 FY22 and (€66) million in FY22, with Adj. EBITDA margin standing at (9.6%) in Q4 FY22 and (6.3%) in FY22, impacted by lower gross profit levels and inflationary pressures across cost lines in a
 challenging operating environment 
 Net loss at (€566) million in FY22, broadly due to a (€244) million goodwill impairment charge and (€122) million one-off accounting charges related to the public listing on the NYSE. The goodwill impairment related to the WCRC
 acquisition mainly stems from lowered earnings forecasts, due to supply chain and macroeconomic factors negatively impacting consumer sentiment, as well as rising inflation and interest rates. Adjusted for both abovementioned non-cash
 items and for (€26) million Result from Discontinued Operations, Net loss for Continuing operations amounts to (€174) million in FY22 

------

 ***Outlook***

The worsening operating environment in FY22 has widely impacted SSU's sales, profitability and cash generation. The challenging macroeconomic backdrop continues to impact our operations and is forecast to do so through FY23, and continuing inflationary pressures are expected to weigh on consumer sentiment and discretionary spending. Overstock in the sports retail market, in particular in the bike category, is anticipated to last into FY24. Against this market backdrop, the Company has developed a focused plan to return to profitable long-term growth:

* Sharpened focus on core geographies, where SSU enjoys strong competitive positions and better unit economics. 

* Adapting commercial and operating models to ensure efficient stock management, cost base optimization and improvement in unit economics. 

* Delivering transaction synergies via various operational measures, such as cross-selling Own brands, procurement, logistics consolidation and technology. 

This change in operating approach is expected to impact the business in multiple ways in the near-term, leading to a targeted return to profitability (on a run rate basis) in FY24:

* Changes in the commercial model to result in lower sales, albeit at a higher contribution 

* Significant gross margin YoY contraction expected through H1 FY23, gross margins to start recovering from H2 FY23 

* Focus on lean operating processes to result in accelerating cost benefits from FY24 

* Transaction synergies to start accruing from FY24 along with IT re-platforming, logistics consolidation, and procurement benefits 

* Focused inventory reduction to release over €30-40 million of capital in FY23 

* Capex expected at €35-40 million level in FY23 

------

As the Company implements various adjustments to its operating model, supported by its strengthened financial flexibility, SSU remains more than ever committed to delivering long-term sustainable growth. As such, the Company is currently undergoing a comprehensive strategic realignment assessment, with a clear focus on generating significant long-term shareholder value.

In this stressed operating environment, SSU expects multiple consolidation opportunities. As a scaled leader, SSU is well placed to implement its renewed strategy and capitalize on increased opportunities to consolidate customer access and verticalize the business, by continuing to build out its portfolio of brands. The Company remains confident in its long-term growth prospects, supported by the strong global megatrends of health and fitness, e-mobility and e-commerce, in a growing sports retail market.

 ***Conference Call Information***

SSU's management will host a conference call today at 8:30 a.m. Eastern Time to discuss the results. Interested parties will be able to access the conference call by dialing 1-855-9796-654 (in the United States) or +1-646-664-1960 (outside of the United States), along with access code 136438. The conference call will be simulcast and archived on SSU's website at https://investor.signa-sportsunited.com/.

 ***Non-IFRS Financial Measures***

The press release includes certain non-IFRS financial measures (including on a forward-looking basis). These non-IFRS measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. Please see for our definitions of our non-IFRS measures below.

------

SSU believes that these non-IFRS measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about SSU. SSU's management uses forward-looking non-IFRS measures to evaluate SSU's projected financials and operating performance. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents, including that they exclude significant expenses that are required by IFRS to be recorded in SSU's financial measures. In addition, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore, SSU's non-IFRS measures may not be directly comparable to similarly titled measures of other companies. Additionally, to the extent that forward looking non-IFRS financial measures are provided, they are presented on a non-IFRS basis without reconciliations of such forward-looking non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.

Totals have been calculated on the basis of non-rounded euro amounts and may differ from a calculation based on the reported million euro amounts.

 ***Forward-Looking Statements***

These forward-looking statements include, but are not limited to, statements regarding future events, the estimated or anticipated future results and benefits of SSU following the business combination, future opportunities for SSU, future planned products and services, business strategy and plans, objectives of management for future operations of SSU, market size and growth opportunities, competitive position, technological and market trends, and other statements that are not historical facts. Forward-looking statements are generally accompanied by words such as believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "suggests," "targets," "projects," "forecast" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. All forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which are all subject to change due to various factors including, without limitation, changes in general economic conditions as a result of the war in Ukraine, significant inflation, higher financing costs, an increase in energy costs, a negative consumer sentiment and COVID-19. Any such estimates, assumptions, expectations, forecasts, views or opinions, whether or not identified in this document, should be regarded as indicative, preliminary and for illustrative purposes only and should not be relied upon as being necessarily indicative of future results.

------

Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding our intent, belief or current expectations. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors. The forward-looking statements in this press release may include, without limitations, statements about:

* our future financial condition and operating results; 

* our ability to remain in compliance with financial covenants under our financing arrangements; 

* our ability to extend, renew or refinance our existing debt; 

* our liquidity and losses from operations and projected cash flows and related impact on our ability to continue as a going concern; 

* our growth, expansion and acquisition prospects and strategies, the success of such strategies, and the benefits we believe can be derived from such strategies; 

* our ability to effectively manage our inventory and inventory reserves; 

* impairments of our goodwill or other intangible assets; 

* changes in consumer spending patterns and overall levels of consumer spending; 

* our ability to further upgrade our information technology systems and infrastructure, including our accounting processes and functions, and other risks associated with the systems that operate our online retail operations; 

* our ability to continue to remedy weaknesses in our internal controls; 

* costs as a result of operating as a public company; 

* our assumptions regarding interest rates and inflation; 

* changes affecting currency exchange rates; 

* continuing business disruptions arising from the on-going war in Ukraine and in the aftermath of the coronavirus pandemic; 

* our financial condition and ability to obtain financing in the future to implement our business strategy and fund capital expenditures, acquisitions and other general corporate activities; 

* estimated future capital expenditures needed to preserve our capital base; 

* changes in general economic conditions in the Federal Republic of Germany ("Germany"), and the European Union and the Unites States of America, including changes in the unemployment rate, the level of energy and consumer prices, wage
 levels, etc.; 

* the further development of online sports markets, in particular the levels of acceptance of internet retailing; 

* our behavior on mobile devices and our ability to attract mobile internet traffic and convert such traffic into purchases of our goods; 

* our ability to offer our customers an inspirational and attractive online purchasing experience; 

* demographic changes, in particular with respect to Germany; 

* changes in our competitive environment and in our competition level; 

* the occurrence of accidents, terrorist attacks, natural disasters, fires, environmental damage, or systemic delivery failures; 

* our inability to attract and retain qualified personnel, consultants and collaborators; 

* political changes; 

* changes in laws and regulations; 

* our expectations relating to dividend payments and forecasts of our ability to make such payments; and 

* other factors discussed in "Item 3. Key Information — D. Risk Factors" in our 20-F filing as of February 7, 2023. 

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Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described in "Item 3. Key Information—D. Risk Factors" in in our 20-F filing as of February 7, 2023. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this press release. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this press release.

In addition, statements such as "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to rely unduly on these statements.

Although we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this press release and any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf.

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 ***Reconciliations*** *(Continuing operations, in EUR millions)*

---

| | | |
|:---|:---|:---|
|  | **FY** <br>**2021**  | **FY** <br>**2022**  |
| **Net Loss** | **(€37.7)**  | **(€539.3)**  |
| Income tax expense / benefit | (1.6)  | 26.6  |
| **Earnings before tax (EBT)** | **(€36.2)**  | **(€565.9)**  |
| Interest | (4.3)  | (4.2)  |
| Depreciation and amortization | (28.5)  | (53.9)  |
| **EBITDA** | **(€3.4)**  | **(€507.7)**  |
| Impairment loss | 0.6  | 254.9  |
| Other net finance (income) / costs | 0.3  | (19.5)  |
| Result from investments accounted for at equity | 1.3  | 1.2  |
| **Total EBITDA Adjustments** | **€30.8**  | **€204.7**  |
| Transaction related charges | 0.5  | 2.7  |
| Reorganization and restructuring costs | 7.2  | 140.5  |
| Consulting fees | 21.6  | 41.7  |
| Share-based compensation | 2.7  | 17.1  |
| Other material one-time items | (1.2)  | 2.7  |
| **Adj. EBITDA** | **€29.6**  | **(€66.5)**  |

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 *Note: Impairment loss mainly associated with WCRC acquisition. Other net finance (income) / costs mainly consist of currency gains and losses and impact from derivative revaluations. Reorganization and restructuring costs: include expenses in accordance with IFRS 2, the €122M value of 12.6 million shares issued to Yucaipa Acquisition Corporation as part of the business combination in excess of Yucaipa's net assets must be expensed on SSU's consolidated income statement.*

 ***Liquidity***

On September 28, 2022, the Company entered into a subscription agreement with its affiliate SIGNA Holding GmbH ("SIGNA Holding") to issue €100 million aggregate principal amount of convertible bonds (the "Initial Convertible Bonds") to SIGNA Holding with a closing date on October 4, 2022 and maturing on October 4, 2028. Bondholders have the right to increase the principal amount of the Initial Convertible Bonds by an additional aggregate principal amount of up to €200 million for acquisition purposes as of closing of the convertible bond issuance and until and including September 30, 2023 in one or more tranches with minimum denominations of €1.0 million ("Upsize Option").

In addition, on February 6, 2023, the Company received a commitment from SIGNA Holding to provide SSU with an additional €130 million from SIGNA Holding in the form of convertible notes (the "SIGNA Holding Equity Commitment Letter"). Such commitment provides the Company with the right to issue and sell (put right) additional convertible bonds to SIGNA Holding, at the same terms and conditions as the Initial Convertible Bonds, in one or more tranches until and including September 30, 2024 for an aggregate additional principal amount of €130 million of newly issued convertible bonds for general corporate purposes. Any subsequent exercise of the put right pursuant to the SIGNA Holding Equity Commitment Letter will reduce Euro for Euro, the available amount under the €200 million Upsize Option granted by the Company to SIGNA Holding in connection with the issuance of the Initial Convertible Bonds.

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On January 26, 2023, we received waivers from the lenders under the €100 million revolving facility agreement with Landesbank Baden-Württemberg and other financial institutions as lenders waiving the requirement to comply with the net leverage covenant through the period ending June 2024 and the minimum EBITDA covenant for the testing period ending on September 30, 2023 and maintaining the available liquidity covenant at €30 million for each testing date after March 31, 2023.

 ***Definitions***

Net Online Revenue: Online revenue (excluding sales partners) equal to net orders (post cancellations and full returns) multiplied by Net AOV.

Platform Revenue: Revenue derived from non-1P E-commerce business models (i.e., retail media sales, marketplace).

Gross Profit: Net revenues less cost of materials adjusted to exclude extraordinary write-offs.

EBITDA: Calculated as consolidated net income (loss) before interest, income taxes, depreciation and amortization.

Adjusted EBITDA: Calculated as consolidated net income (loss) before interest, income taxes, depreciation and amortization, adjusted for certain items which SSU's management believes do not reflect the core operating performance of SSU. Adjusted EBITDA excludes impairment loss, other net finance income/costs and result from investments accounted for at equity. Adjustments include acquisition-related charges, reorganization and restructuring costs, consulting fees, share-based compensation and other items not directly related to current operations.

Active Customers: Customers with one or more purchases within the last 12 months, irrespective of cancellations or returns.

Total Visits: Number of visits including mobile and website. Cut-off at 30 minutes of inactivity and at date change. Not cut off at channel change during session.

Net Orders: Orders post cancellations and full returns.

Net AOV: Total online revenue (excluding sales partners) divided by net orders (post cancellations and full returns).

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 ***About SIGNA Sports United:***

SIGNA Sports United (SSU) is a NYSE-listed specialist sports e-commerce company with headquarters in Berlin. It has businesses operating within bike, tennis, outdoor, and team sports. SSU has more than 80 online sites and partners with 500 shops serving over 6.5 million customers worldwide. It includes Tennis-Point, WiggleCRC, Fahrrad.de, Bikester, Probikeshop, Campz, Addnature, TennisPro and Outfitter.

Further information: www.signa-sportsunited.com.

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 ***Consolidated statements of operations*** <br> *(in EUR millions)*

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| | | | |
|:---|:---|:---|:---|
|  | **FY**<br> **2021**  | **FY**<br> **2022**  | **YoY**<br>**Growth** |
| **Net Revenue** | **€813.7**  | **€1,062.8**  | **30.6%** <br>  |
| Own Work Capitalized | 3.4  | 5.5  | 59.7% |
| Other Operating Income | 3.4  | 5.2  | 55.3% |
| Cost of Materials | (500.2 ) | (694.2 ) | 38.8% |
| Personnel Expense | (82.8 ) | (134.8 ) | 62.7% |
| Other Operating Expenses | (207.9 ) | (310.9 ) | 49.6% |
| EBITDA Adjustments | (30.8 ) | (204.7 ) | NM  |
| Depreciation & Amortization | (28.5 ) | (53.9 ) | 89.4% |
| Impairment loss | (0.6 )  | (254.9 )  | NM  |
| **Operating Loss** | **(€30.3)** <br>  | **(€580.0)** <br>  | **NM**  |
| Share of results of associates | (1.3 ) | (1.2 ) | (6.3 %) |
| Finance income | 4.8  | 36.6  | NM  |
| Finance costs | (9.4 )  | (21.3 )  | NM  |
| **Pre-Tax Income** | **(€36.2)** <br>  | **(€565.9)** <br>  | **NM**  |
| Income Taxes | (1.6 ) | 26.6  | NM  |
| Result from discontinued operations | (8.3 )  | (26.4 )  | NM  |
| **Net Income** | **(€46.0)** <br>  | **(€565.7)** <br>  | **NM**  |

---

 *Note: FY21 numbers have been re-presented as a result of the discontinued operations. Refer to Note 11 – Discontinued Operations. Cost of Materials, Personnel Expense and Other Operating Expenses inclusive of adjustments.*

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 ***Consolidated statements of financial position*** <br> *(in EUR millions)*

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| | | |
|:---|:---|:---|
|  | **FY21**  | **FY22**  |
| **Non-current assets** |  |  |
| Intangible assets and goodwill | €326.8  | €677.3  |
| Property, plant and equipment | €37.7  | €48.5  |
| Right of use assets | €60.6  | €139.6  |
| Equity accounted investees | €0.0  | €0.0  |
| Other non-current financial assets | €1.4  | €5.1  |
| **Current assets** |  |  |
| Inventories | 181.9  | 299.0  |
| Trade receivables | 26.3  | 25.1  |
| Other current financial assets | 24.0  | 20.1  |
| Other current assets | 33.4  | 51.8  |
| Cash and cash equivalents | 50.7  | 43.0  |
| **Total assets** | **€742.9**  | **€1,309.5**  |
| Owners net investment | 373.4  | 617.3  |
| Equity attributable to non-controlling interests | –  | –  |
| **Total equity** | **€373.4**  | **€617.3**  |
| **Non-current liabilities** |  |  |
| Non-current provisions | 0.1  | 2.4  |
| Non-current financial liabilities | 140.4  | 317.2  |
| Non-current trade payables | –  | 0.6  |
| Other non-current liabilities | 1.0  | 7.9  |
| Deferred taxes | 40.2  | 40.9  |
| **Current liabilities** |  |  |
| Current provisions | 4.9  | 1.0  |
| Trade payables | 102.7  | 194.9  |
| Other current financial liabilities | 27.7  | 42.4  |
| Other current liabilities | 47.9  | 75.6  |
| Contract liabilities | 4.7  | 9.3  |
| **Total liabilities** | **€369.5**  | **€692.2**  |
| **Total equity and liabilities** | **€742.9**  | **€1,309.5**  |

---

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 ***Consolidated statements of cash flows*** <br> *(in EUR millions)*

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| | | |
|:---|:---|:---|
|  | **FY21**  | **FY22**  |
| ***NET CASH FLOW FROM OPERATING ACTIVITIES*** |  |  |
| **Loss before taxes from continuing operations** | **(€36.2)** <br>  | **(€565.9)** <br>  |
| Loss before taxes from discontinued operations | (€8.3 ) | (€26.4 ) |
| **Loss before taxes for the total operations** | **(€44.4)** <br>  | **(€592.3)** <br>  |
| **Adjustments to reconcile losses before taxes to net cash from operating activities** |  |  |
| Depreciation, amortization and impairment | 29.1  | 308.8  |
| (Income) loss from investments accouted for using the equity method | 1.3  | 1.2  |
| Net finance costs (income) | 4.6  | (15.0 ) |
| Equity-based compensation expense | 2.7  | 17.1  |
| Other non-cash income and expenses | (3.9 ) | 1.7  |
| Listing expenses (IFRS 2 service charge) | –  | 121.9  |
| Change in other non-current assets | (0.7 ) | 1.3  |
| Change in other non-current liabilities | 0.7  | 8.9  |
| Change in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (29.2 ) | (40.4 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | (4.6 ) | 3.3  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current financial assets | (10.7 ) | (0.1 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (12.2 ) | (9.9 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Current provisions | 2.0  | (3.9 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 19.0  | 32.4  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current financial liabilities | 7.8  | (0.4 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 5.1  | (46.1 ) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (1.0 ) | 2.9  |
| Income tax payments and refunds | 0.1  | (1.8 ) |
| **Cash flow used in continuing operating activities** | **(€26.1)** <br>  | **(€183.9)** <br>  |
| Cash flow used in discontinued operating activities, net | (€4.3 ) | (€6.6 ) |
| **Net cash flow used in operating activities** | **(€30.4)** <br>  | **(€190.5)** <br>  |
| ***NET CASH FLOW FROM INVESTING ACTIVITIES*** |  |  |
| Purchase of intangible assets and property, plant and equipment | (24.4 ) | (45.5 ) |
| Proceeds from the sale of intangible assets and propertly, plant, and equipment | 1.5  | 0.9  |
| Acquisition of subsidiaries, net of cash acquired | (7.5 ) | (192.9 ) |
| **Cash flow used in continuing investing activities** | **(€30.4)** <br>  | **(€237.5)** <br>  |
| Cash flow used in discontinued investing activities, net | (€1.2 ) | (€0.6 ) |
| **Net cash flow used in investing activities** | **(€31.6)** <br>  | **(€238.1)** <br>  |
| ***NET CASH FLOW FROM FINANCING ACTIVITIES*** |  |  |
| Proceeds from capital contributions | –  | 402.7  |
| Repayments of financial liabilities to related parties | (1.3 ) | –  |
| Proceeds from financial liabilities to related parties | –  | 80.1  |
| Proceeds from financial liabilities to financial institutions | 75.0  | 27.0  |
| Repayment of financial liabilities to financial institutions | (30.9 ) | (78.5 ) |
| Transaction costs related to the lisiting | –  | (5.9 ) |
| Proceeds from the recapitalization | –  | 23.6  |
| Acquisition of NCI | (4.7 ) | –  |
| Proceed of other loans | 0.2  | –  |
| Repayment of other loans | –  | (0.7 ) |
| Payments for lease liabilities | (10.1 ) | (19.1 ) |
| Interest paid | (3.4 ) | (5.9 ) |
| **Cash flow from continuing financing activities** | **€24.8**  | **€423.3**  |
| Cash flow used in discontinued financing activities, net | (€7.7 ) | (€0.5 ) |
| **Net cash flow from financing activities** | **€17.1**  | **€422.8**  |
| *Effect of exchange rate changes on cash and cash equivalents* | –  | (1.9 ) |
| *Net increase (decrease) in cash and cash equivalents* | **(€44.8)** <br>  | **(€7.7)** <br>  |

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 *Note: FY21 numbers have been re-presented as a result of the discontinued operations. Refer to Note 11 – Discontinued Operations.*

<sup>1</sup> All metrics are presented for continuing operations only, as a result of the discontinued operations related to Athleisure (refer to Note 11 - Discontinued Operations of our consolidated financial statements for the fiscal year ended September 30, 2022), unless otherwise stated. <br> <sup>2</sup> Pro forma metrics include the impact of Midwest Sports, WiggleCRC and Tennis Express acquisitions, assuming ownership for the entire period. Including discontinued operations related to Athleisure (refer to Note 11 - Discontinued Operations).

## Contacts
 **SSU Investors** <br> Alima Levy <br> a.levy@signa-sportsunited.com<br> +49 174 730 4938

 **SSU Media** <br> Justine Powell <br> j.powell@signa-sportsunited.com<br> +49 1523 464 9843