Q2 2021 Results

August 2021

Strictly Confidential

March 2020
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1
Company Overview
Our Mission: To provide a fair economy for all
Our focus is clear. To empower offline and online MSMEs through the use of technology. We aim to create opportunities to level the playing field for all.
Our mission is to help everyone buy and sell goods and services with fair access to capital, technology and infrastructure that is required to trade and
transforming MSMEs through technology. We believe that we can tackle the core challenges that hinders MSMEs from growing and thereby lead to a better
economy for Indonesia. Today, we are proud to support more than 6.5 million online merchants and 7 million offline MSMEs.

Problems we want to solve

Financial Inclusion Infrastructure Technology

Empowering Merchants and Mitras

Access to credit & other More revenue streams from More access to new customer
Better business process
financial services new product offerings segments

3
Understanding Indonesian MSMEs’ and individuals’ pain points

>50% of Indonesians have >70% of Indonesia’s retail

>70% of MSMEs do not Limited banking outlets
no bank accounts and no sale
have access to credit and physical touchpoints
access to savings is traditional

Limited assortment High costs of inventory High prices and

Lack of business process
of physical and and working capital and lack of assortment
management
digital goods challenging logistics for end consumer

Source: e-Conomy SEA 2019 report by Google, Temasek and Bain & Financial inclusion MSMEs’ pain points
Company, Frost & Sullivan 4
End users’ pain points
Significant progression from an e-commerce player to an “All-Commerce” platform servicing the core of
Indonesia’s consumer economy
Bukalapak offers MSMEs the opportunity to provide an “All-Commerce” experience. Significant growth opportunity for Bukalapak in offline
traditional retail by growing our existing products with more Mitra

FMCG Fashion
B2B marketplace transaction for Mitra Women and men’s apparel

Physical
Electronics Motorcycle and vehicle
Household appliances, smartphones, accessories
etc. Vehicle spare parts and
accessories

Electricity bills Phone Credit Voucher deals

Electricity bill settlement Pulsa and data plan top ups Buy discounted vouchers for KFC,
H&M, Alfamart, etc
Virtual
Products
Telkom bills Game voucher BPJS
Google Play, Mobile Legends, PUBG,
Landline bill settlement Steam, Bigo, etc. BPJS fee settlement

Bookkeeping Debt Notes

SaaS Offline transaction recording Offline customers’ debt recording

Top up Kirim Uang Pay at Mitra Gold Investments

Financial
Converting offline’s customer’s cash Laku Pandai scheme where Mitra act as Paying C2C marketplace Buy gold as an investment
Inclusion into E-money at Mitra Agent Network Management transaction at Mitra

5
Gaming focus: Accelerating growth in this high take rate marketplace category
Organic and inorganic expansion in gaming through synergies from Bukalapak’s acquisition of Five Jack

Gaming TPV Growth

YoY: 122%
300

250

200

150
● Gaming industry in Indonesia is large and growing with a C2C
100 segment that is still predominantly unorganized
● Bukalapak has acquired 100% of Five Jack Pte Ltd (itemku), one
50 of the leading marketplaces that focuses on digital games
● Itemku has grown rapidly, and is currently profitable
-
● Significant synergy opportunities to cross sell Itemku’s wide
Q2 2020 Q2 2021
range of SKUs to Bukalapak’s user base

6
Driving social benefits to our Mitra partners and our community
Bukalapak has a clear vision aimed at creating a positive impact in Indonesia by empowering small and medium enterprises and the
population beyond Tier 1 cities

Sustainability Development Goals

End poverty in all its forms Increasing product offering Increasing income and Help the community
everywhere and reach to a wider user base demand to create new jobs get out of poverty

Promote sustained, inclusive

and sustainable economic Expanding Mitras’ offering beyond Increasing payment channels Sustainable growth in the
growth, full and productive FMCG and and ease of business business with increased
employment and decent work physical goods operations productivity
for all

Access to financial products,

Reduce inequality within and Encourage long term financial Increasing overall income and
including savings accounts and
among countries planning savings of households
investments

7
Q2 2021 Performance update
Sustained 56% YoY Business Growth in TPV

YoY: YoY:
56% 54%
Key Highlights
Overall TPV1 (IDR tn)

57
Q2 2021 TPV increased by
37 +56% YoY and 1H 2021 TPV
29 increased by +54% YoY,
19
driven by continued growth
in Mitra. The annualized run-
Q2 2020 Q2 2021 1H 2020 1H 2021
rate based on 2Q21 is IDR
YoY: YoY:
40% 34% 117tn.
Overall ATV2 (IDR thousands)

195 193

139 145 This is also driven by an

increase in ATV by +40% YoY
in Q2 2021 and +34% YoY in
1H 2021.

Q2 2020 Q2 2021 1H 2020 1H 2021

1TPV is defined as Total Processing Value 9

2ATV is defined as Average Transaction Value, calculated as TPV divided by number of transactions
237% Increase in TPV and 98% increase in ATV of Mitra business
As a % of Total
TPV 22% 48% 20% 42%

YoY: YoY:
Key Highlights
Mitra TPV1 (IDR tn)

30 237% 227%
24
25
Q2 2021 Mitra TPV increased
20
14
15 by +237% YoY and 1H2021
10 4 7
TPV increased by +227%
5
- YoY.
Q2 2020 Q2 2021 1H 2020 1H 2021
This is driven by an increase
in ATV by +98% YoY in Q2
YoY:
Mitra ATV2 (IDR thousands)

YoY: 2021 and +94% YoY in 1H

98%
94%
2021, and a +60% YoY
170 160 growth in number of
registered Mitras from
86 82
5.4mn in Q2 2020 to 8.7mn
in Q2 2021.

Q2 2020 Q2 2021 1H 2020 1H 2021

1TPV is defined as Total Processing Value 10

2ATV is defined as Average Transaction Value, calculated as TPV divided by number of transactions
Overall Revenue continued to grow driven by growth in the Mitra business
800
37% YoY growth in Q2 2021 Group Revenue 295% YoY growth in Mitra Revenue
700
IDR bn IDR bn
YoY: 37% 600 YoY: 350%
YoY: 292%
500

440 400
20 290
321 300
27 145
37 200 145

257 275 100 37 64

-
Q2 2020 Q2 2021 Q2 2020 Q2 2021 1H 2020 1H 2021
Marketplace Mitra BPI

35% YoY growth in 1H 2021 Group Revenue Growing Mitra Contribution to Revenue

IDR bn YoY: 35% As a % of Total Revenue

YoY: 24%
YoY: 21%
50%
864
45 40%
33% 34%
641 290
70 30%
64
20%
12%
507 529 10%
10%

0%
1H 2020 1H 2021 Q2 2020 Q2 2021 1H 2020 1H 2021
Marketplace Mitra BPI
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Note: Financial figures are unaudited
2,000
1,800
Key Financial Metrics: Contribution Margin, S&M and G&A costs
1,600
Contribution margin (revenue - cost of sales) 2Q21 up 36%YoY, 1H21 up
1,400 S&M and G&A Costs
30%YoY
1,200 IDR bn IDR2,000
bn 30%
1.5% 1.4% 4.8% 2.8%
1,000 As a % of TPV As a % of TPV 25%
1,500 YoY: -9%
800 YoY: 36%
20%
600 1,000 905 823 15%
292 399
400 554 368 10%
500
200 455 5%
351
- - 0%
Q2 2020 Q2 2021 Q2 2020 Q2 2021
S&M G&A
IDR bn IDR bn
2,000As a % of TPV 1.6% 1.3% As a % of TPV 4.4% 2.7%

2,000 YoY: -5% 10.0%

1,500 YoY: 30%
1,620 1,541
1,500 8.0%
1,000 851 659 6.0%
746
572 1,000
4.0%
500
500 769 882 2.0%
- - 0.0%
1H 2020 1H 2021 1H 2020 1H 2021
S&M G&A

+36% YoY increase in Q2 2021 and +30% YoY increase in 1H 2021 Improvement in S&M and G&A costs of 9% YoY in Q2 2021 and 5% YoY in 1H 2021 S&M
Contribution Margin. and G&A costs.

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Note: Financial figures are unaudited
Improving Margins and Cash Position

Contribution Margin – S&M Costs EBITDA Cash and Cash Equivalents

IDR bn IDR bn IDR bn

As a % of TPV As a % of TPV
YoY:
426%

(58) (56)
2,728
(136) (407)
YoY:
3% (197)
(591)
(694)

YoY: YoY:
31% 31%
(945)
YoY: 519
27%

(0.3%) (0.2%) (0.5%) (0.2%) (3.1%) (1.4%) (2.6%) (1.2%)

Q2 2020 Q2 2021 1H 2020 1H 2021 Q2 2020 Q2 2021 1H 2020 1H 2021 June 2020 June 2021

Improving Contribution margin – S&M expense as we

Overall improvement in 1H2021 EBITDA as we continue to Strong cash position and improving EBITDA provides
continue to improve monetization while increasing
increase efficiency of S&M while increasing monetization. platform for sustainable growth
efficiency of S&M spend

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Note: Financial figures are unaudited
Summary Key Highlights

Unit Q2 2020 Q2 2021 % change 1H 2020 1H 2021 % change

TPV Overall IDRbn 18,868 29,382 +55.7% 36,746 56,712 +54.3%

Revenue IDRbn 321 440 +37.0% 641 864 +34.7%

Contribution Margin1 IDRbn 292 399 +36.5% 572 746 +30.4%

S&M Expense IDRbn 351 455 +29.9% 769 882 +14.6%

S&M Expense as a % of TPV % 1.9% 1.5% -0.4% 2.1% 1.6% -0.5%

Contribution Margin – S&M Expense IDRbn (58) (56) +3.3% (197) (136) +31.0%

Contribution Margin – S&M as a % of TPV % -0.3% -0.2% +0.1% -0.5% -0.2% +0.3%

G&A IDRbn 554 368 -33.6% 851 659 -22.5%

EBITDA IDRbn (591) (407) +31.1% (945) (694) +26.5%
EBITDA as % of TPV % -3.1% -1.4% +1.7% -2.6% -1.2% +1.4%

Operating Profit IDRbn (636) (448) +29.5% (1,033) (776) +24.9%

Profit Before Tax IDRbn (633) (443) +29.9% (1,026) (769) +25.1%

Net Income IDRbn (642) (443) +31.0% (1,026) (763) +25.7%

1 Contribution Margin is calculated as revenue minus cost of sales

14
Note: Financial figures are unaudited
Bukalapak | An “All-Commerce” platform bridging offline consumers to online consumption

Dominant e-commerce platform for consumers in beyond Tier 1 region Empowering and digitalizing offline micro retail stores

IDR 117tn 73% 38% #1

of TPV from
Total Processing Value (“TPV”)(1) of TPV from Mitras(2) Mitra network in Indonesia(4)
beyond Tier 1 region(2) (3)

110mn >6.6mn 8.7mn 3x

registered users registered merchants in the marketplace as registered Mitras growth in sales per
as of Q2 2021 of Q2 2021 as of Q2 2021 Mitra after joining(5)

Successful proven O2O track record with measurable results… … with strong financial performance across its years of operations

266% 96%
Mitra Revenue CAGR
Revenue CAGR from 2018 to LTM June 2021
from 2018 to LTM June 2021

Note: 1. Annualized 2021 based on 2Q21 TPV 4. According to Frost & Sullivan
2. Last Twelve Months Jul20 – Jun21 5. Based on Company’s internal estimates
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3. Tier 1 region is defined as DKI Jakarta (excluding Kepulauan Seribu), the city of Bandung and the regencies of Bandung
and West Bandung, the city of Semarang and the regency of Semarang and the cities of Surabaya and Medan
Thank You

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