Peloton Interactive : Investor Presentation - May 2024

INVESTOR PRESENTATION

May 2024

Disclaimer

The information contained in this presentation is being provided to you for informational purposes only and does not constitute legal, tax, investment, accounting or other advice by Peloton Interactive, Inc. ("Peloton", "we", "us" or the "Company") or any other party and may not be relied upon as such. This presentation does not constitute an offer to sell or a solicitation of an offer to make an investment in the Company, including the purchase of any securities of the Company. Neither the Company nor any other party is making a recommendation or advising you to invest in the Company. You are encouraged to do your own analysis and form your own judgment about the desirability of investing in the Company. In addition, you should consider whether the information contained in this presentation is suitable for your particular circumstances and should consult with your professional advisors. The statements in this presentation are made as of the date on the front cover of this presentation, unless otherwise indicated, and shall not be deemed an indication that there has been no change in the business affairs or any of the assets or businesses described herein since such date. The Company does not intend to update or otherwise revise this presentation (or any of the information included therein) following the date of this presentation and you should not expect the Company to do so.

SAFE HARBOR STATEMENT

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward- looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding the execution and timing of the transactions contemplated hereby, the execution of and timing of and the expected benefits from our restructuring initiatives and cost-saving measures, the cost savings and other efficiencies of expanding relationships with our third-party partners, details regarding and the timing of the launch of new products and services, our new initiatives with retailer partners and our efforts to optimize our retail store footprint, the prices of our products and services in the future, our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "potential," "continue,"

"anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or

expressions.

We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions and other important factors that could cause actual results to differ materially from those stated, including, but not limited to: our ability to achieve and maintain future profitability; our ability to attract and maintain Subscribers; our ability to accurately forecast consumer demand for our products and services and adequately maintain our inventory; our ability to execute and achieve the expected benefits of our restructuring initiatives and other cost -saving measures and whether our efforts will result in further actions or additional asset impairment charges that adversely affect our business; our ability to effectively manage our growth and costs; our ability to anticipate consumer preferences and successfully develop and offer new products and services in a timely manner, or effectively manage the introduction of new or enhanced products and services; demand for our products and services and growth of the connected fitness products market; our ability to maintain the value and reputation of the Peloton brand; our reliance on a limited number of suppliers, contract manufacturers, and logistics partners for our Connected Fitness Products; our lack of control over suppliers, contract manufacturers and logistics partners for our Connected Fitness Products; our ability to predict our long-term performance and declines in our revenue growth as our business matures; the effects of increased competition in our markets and our ability to compete effectively; any declines in sales of our Bike and Bike+; our dependence on third-party licenses for use of music in our content; actual or perceived defects in, or safety of, our products, including any impact of product recalls or legal or regulatory claims, proceedings or investigations involving our products; increases in component costs, long lead times, supply shortages or other supply chain disruptions; accidents, safety incidents or workforce disruptions; seasonality or other fluctuations in our quarterly results; our ability to generate class content; risks related to acquisitions or dispositions, including the acquisition of Precor; risks related to disruptions or failures of information technology systems, or websites; risks related to payment processing, cybersecurity, or data privacy; our ability to effectively price and market our Connected Fitness Products and subscriptions and our limited operating history with which to predict the profitability of our subscription model; any inaccuracies in, or failure to achieve, operational and business metrics or forecasts of market growth;

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Disclaimer (cont'd)

SAFE HARBOR STATEMENT (cont'd)

our ability to maintain effective internal control over financial and management systems and remediate material weaknesses; impacts from warranty claims or product returns; our reliance on third parties for computing, storage, processing and similar services; delivery and installation of our products; our ability to attract and retain highly skilled personnel and maintain our culture; risks related to our common stock and indebtedness; risks related to expansion into international markets; risks related to the Peloton App and its ability to work with a range of mobile and streaming technologies, systems, networks, and standards; our ability to maintain, protect, and enhance our intellectual property; our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally; and those risks and uncertainties described in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part I, Item 2 in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 and the sections titled "Risk Factors" in Part I, Item 1A and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023, as such factors may be updated in our filings with the Securities and Exchange Commission (the "SEC"), which are available on the Investor Relations page of our website at https://investor.onepeloton.com/investor-relations and on the SEC website at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Our forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to update any of these forward-looking statements for any reason after the date of this presentation or to conform these statements to actual results or revised expectations, except as required by law.

NON-GAAP FINANCIAL MEASURES

This presentation includes references to non-GAAP financial measures, including Adjusted EBITDA, Subscription Contribution, Subscription Contribution Margin, and Free Cash Flow. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. In addition, this non-GAAP financial measure should be read in conjunction with the Company's financial statements prepared in accordance with GAAP. The reconciliations of each non-GAAP financial measure to the corresponding GAAP measure should be carefully evaluated. See the Appendix for reconciliations of historical non-GAAP financial measures included in this presentation to the nearest GAAP financial measure.

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Company Overview

© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.

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Our Vision

We power people around the world to be the best version of themselves through personalized fitness and wellness experiences. Peloton couples gorgeously designed hardware with innovative software that seamlessly integrates best-in-classcontent, including classes from the world's leading fitness instructors, immersive scenic rides and runs, and motivating gaming experiences. We serve a passionate community of active and engaged members, wherever they are in their fitness journey,

so they can reach their goals anytime, anywhere.

	© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.		5

Key Figures

3.7 million	48.6 million
Global Subscriptions1	Total Monthly Workouts1

66% Paid CF2

Subscriptions 45%

Who joined in 2021 are still

members today

FY2018-FY2023 Revenue CAGR

	Source: company provided information
© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.	Note: Data as of 3FQ24	6
1.	Includes both paid connected fitness subscriptions and paid app subscriptions

2. "CF" stands for Connected Fitness

Our Evolution

	CF products
	Subscription types
	Content languages
Offering	Disciplines
Overview
	Instructors
	Total # of classes
	Monthly classes
Total paid subscriptions

2014	20241
Bike	Bike, Bike+, Tread, Tread+, Row, Guide
All-Access Membership	All-Access Membership, Guide Membership,
App+, App One
English	English, German, Spanish
2 modalities	16 modalities, plus Lanebreak, scenic workouts,
(Cycling, Limited stretching)	and gym plans
6 (US)	57 (Global)
2,100 Studio Classes	> 42,000
<400	1,000+
<.01M	3.06M Paid Connected Fitness Subscriptions
674K Paid App Subscriptions

© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.

Source: Company provided information

1. Data as of 3FQ24.

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Pillars of Our Unique Offering

	Content and Music		World Class Instructors		Community		Hardware, Software,		Brand
				and User Experience

© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.

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Credit Highlights

© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.

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Credit Highlights

1 Pioneer and leader of connected fitness industry with strong brand equity

2 Large and diversified subscription base with exceptional engagement

3 Loyal customer base across multiple modalities provides a recurring revenue stream

4 Massive total addressable market

5 Proactive cost management driving efficiency and positive cash flow

	© Peloton 2012-2024, Peloton Interactive, Inc. All rights reserved.		10