adesso SE

Quarterly Report • Nov 15, 2021

Quarterly Statement Q3 2021

Key Figures

in EUR k	9M 2021	9M 2020	Change	in%	Q1 2021	Q2 2021	Q3 2021	Q3 2020
PROFIT SITUATION
Sales revenues	496,214	383,867	112,347	29	163,199	159,234	173,781	137,794
domestic	400,634	303,620	97,014	32	130,404	126,787	143,443	109,926
foreign	95,580	80,247	15,333	19	32,795	32,447	30,338	27,868
EBITDA	81,175	47,096	34,079	72	35,827	19,825	25,523	25,538
EBITDA margin (in %)	16.4	12.3	4.1	33	22.0	12.5	14.7	18.5
Consolidated earnings	42,068	17,607	24,461	139	23,492	6,961	11,615	12,133
BALANCE SHEET
Balance sheet total	463,792	342,614	121,178	35	417,694	442,750	463,792	342,614
Equity	138,048	106,839	31,209	29	126,328	126,460	138,048	106,839
Euqity ratio (in %)	29.8	31.2	-1.4	-4	30.2	28.6	29.8	31.2
Liquid assets	38,753	32,011	6,742	21	51,147	29,352	38,753	32,011
Net cash position	-47,703	-14,183	-33,520	236	-17,649	-59,579	-47,703	-14,183
EMPLOYEES
Employees (FTE)	5,624	4,471	1,153	26	5,079	5,309	5,624	4,471
domestic	4,615	3,657	958	26	4,106	4,305	4,615	3,657
foreign	1,009	814	195	24	973	1,004	1,009	814
Gross profit/Employee	109	106	3	3	112	107	107	112
SHARE
Number	6,193,593	6,185,343	8,250	0	6,185,343	6,193,593	6,193,593	6,185,343
Price at the end of the the period (in EUR)	175.20	73.00	102.20	140	108.50	133.60	175.20	73.00
Market capitalisation at the end of the period (in EUR m)	1.085.1	451.5	633.6	140	671.1	827.5	1.085.1	451.5
Earnings per share (in EUR)	6.76	2.86	3.90	136	3.78	1.12	1.86	1.96

Mission Statement

adesso optimises companies' core business processes with the targeted use of information technology. We off er customers expert consulting based on our in-depth industry knowledge and use our technical knowhow to develop customised software solutions. For a defined set of operational tasks adesso provides innovative solutions and products. As an independent partner, we aim to help our customers make the most of their business potential while retaining flexibility in the future.

Content

• 4 Summary of Key Developments in the Reporting Period
• 6 Economic Report
• 9 Forecast Report
• 9 Subsequent Events

• 10 Consolidated Balance Sheet

• 12 Consolidates Income Statement

• 12 Consolidated Statement
• of Comprehensive Income
• 13 Consolidated Cash Flow Statement
• 14 Segment information 16 Financial Calendar
• 17 Imprint

SUMMARY OF KEY DEVELOPMENTS IN THE REPORTING PERIOD

adesso SE continues its strong growth with new quarterly high, increasing sales by 29 % to EUR 496.2 million after first nine months of year.

EBITDA increases significantly by 72 % to EUR 81.2 million and also disproportionately even when adjusted for one-off effect (34 % to EUR 63.3 million).

EBITDA increases to

EUR 81.2 million

(before non-recurring effect: EUR 63.3 million, previous year: EUR 47.1 million)

Profitability up with capacity utilisation in IT service business

remaining positive

(12.8 % EBITDA margin before one-off effect)

Full-year sales and EBITDA guidance

raised

Executive Board Statement on the Reporting Period

"By posting extraordinary growth of 29 %, adesso has managed to take further key steps towards becoming one of Central Europe's leading IT service providers for industry-specific business processes. The previous year was negatively impacted by the pandemic, especially in the second quarter. In 2021, however, adesso has been able to play to its strengths as a sought-after partner for digital transformation in all industries, benefiting in the process from the marked increase in personnel in the previous periods.

The third quarter – the quarter with the highest number of working days – helped us to exceed our own expectations by a solid margin on the back of ongoing high capacity utilisation and robust booking intensity in IT services business. This is all the more notable given that no further significant licence revenue was able to be generated in product business. All in all, we are confident ahead of the remainder of the year and beyond, which is why we have raised our guidance."

Economic Report

Business Performance

adesso SE increased its sales revenues quarter on quarter and year on year to a new record level of EUR 173.8 million in the third quarter of 2021. Due to the high levels of capacity utilisation and booking intensity in IT service business and the third quarter having the highest number of working days, adesso SE achieved growth of 26 % compared to the same quarter the previous year. The number of employees (expressed as full-time equivalents, or FTEs) increased by 1,153, or 26 %, year on year to stand at 5,624 as at the reporting date. The number of employees abroad increased just as strongly, by 24 %, due to the further internationalisation of adesso. Outside Germany, adesso now employs a total of 1,009 people (FTEs). The average number of employees (FTEs) rose by 17 % year on year in the first nine months of the year.

Revenues were increased by 29 % over the ninemonth period to EUR 496.2 million, 21 percentage points of which through organic growth. The remaining 8 percentage points of inorganic sales growth originated primarily from the acquisitions of adesso orange AG (formerly: Quanto AG) in the previous year and of KIWI Consulting EDV-Beratung GmbH in the current financial year. Germany accounted for the largest share of sales growth, at 32 %. Sales growth abroad amounted to 19 %. The adesso business model continues to prove resilient in the current pandemic. Demand in the area of digitalisation remains at a high level. Dynamic, double-digit sales growth (between 11 % and 54 %) was achieved in all core sectors in which adesso operates. The still relatively new core industries Automotive & Transportation and Manufacturing Industry showed growth rates of over 50 %. Both core industries contributed over 5 % of total sales. The two industries in which adesso generates the most sales, insurance and banks, reported growth of 24 % and 18 % respectively. Even though no further significant licence agreements were able to be concluded in the third quarter, the volume remained slightly up on the previous year's figure. Maintenance revenues were also able to be increased.

Position

Earnings Situation

Even without any significant licence revenues, adessoSE generated third-quarter EBITDA of EUR 25.5 million, which was on a par with the same quarter of the previous year –which itself featured the highest licence revenues ever achieved – and marked the best quarterly EBITDA performance in adesso's history (excluding the high non-recurring effect from the sale of the e-Spirit companies in the first quarter of 2021). As a result, adesso was able to increase its cumulative EBITDA by 72 % year on year to a total of EUR 81.2 million. Even when adjusted for the non-recurring effect, cumulative EBITDA still came to EUR 63.3 million and rose more sharply than sales at 34% (previous year: EUR47.1million). The EBITDA margin (adjusted for the non-recurring effect) increased year on year from 12.3% to 12.8%. Alongside the ongoing high capacity utilisation and booking intensity, other operating expenses have also been a major factor in this regard. They increased by just 8 % and therefore much less significantly than sales and employee numbers, with many business activities taking place remotely under pandemic-related restrictions. This effect is losing significance, since the situation from the second quarter of the previous year onward was comparable. Other operating expenses climbed to EUR 43.5 million from EUR 40.2 million in the previous year. With restrictions on social contact gradually being eased, travel expenses rose again in the third quarter of 2021 but, at EUR 2.8million, remain significantly down on the previous year's level.

adesso SE, the largest operating unit in the adesso Group, saw its earnings improve significantly (adjusted for the non-recurring effect) compared to the first nine months of the previous year. The established companies in Switzerland, Austria and Turkey also succeeded in increasing their earnings contribution year on year.

Gross profit rose slightly less sharply than sales, by 28% to EUR 433.1 million. Personnel costs increased by 29 % to EUR 331.0 million and in proportion to sales.

Depreciation and amortisation in the first nine months of 2021 increased by 34 % to EUR 25.4 million (previous year: EUR 19.0 million). After deducting income from financing activities of EUR -1.0million (previous year: EUR -1.8 million) and accounting for the significant decline in the tax rate to 22% (previous year: 32%), consolidated earnings stood at EUR 42.1 million (previous year: EUR17.6million). Earnings per share stood at EUR 6.76 (previous year: EUR 2.86).

Notes on Individual Items in the Income Statement

The cost of materials, which primarily related to services from external providers purchased within the scope of customer projects, increased significantly more sharply than sales, rising by 41 % to EUR 63.1 million and standing at 13 % of sales. Gross profit, on the other hand, increased by 28 % to EUR 433.1 million. Annualised gross profit per employee in the first nine months of the year came to EUR 109 thousand (previous year: EUR 106 thousand).

Personnel costs, which is the largest cost item, rose by 29 % to EUR 331.0 million and therefore by one percentage points more than gross profit. The average number of employees, converted into full-time equivalents, increased by 25 % year on year to 5,317 and therefore rose less sharply than personnel costs. As at the reporting date of 30 September 2021, adesso employed 5,624 people (full-time equivalents). At EUR 83 thousand, annualised personnel costs per employee were slightly up on the previous year's level of EUR 80 thousand.

Depreciation and amortisation of EUR 25.4 million (previous year: EUR 19.0 million) includes depreciation and amortisation of rights of use from leases in the amount of EUR 13.3 million (previous year: EUR 10.6 million). Operating depreciation and amortisation rose by 11 % to EUR 7.5 million, while amortisation of intangible assets recognised in the course of mergers increased by 175 % to EUR 4.6 million. This increase was largely due to acquisitions in the fourth quarter of 2020 (Quanto/ Bluegroup) and the second quarter of 2021 (KIWI). No goodwill impairments were recognised.

Total income from financing and investment activities increased slightly compared to the previous year at EUR -1.8 million (previous year: EUR -2.0 million). Interest expenses from lease liabilities remained stable at EUR 1.2 million. The financial result was also impacted by interest expenses from acquisition loans. Negative income from investments of EUR -0.7 million (previous year: EUR -0.2 million) was primarily attributable to software development services at ROGON Technologies GmbH, in which adesso invested 25.01 % in the first quarter of 2021.

Income tax expense came to EUR -11.9million (previous year: EUR 8.5 million). Based on pre-tax profit of EUR 54.0 million, the tax rate was calculated at 22 % (previous year: 32 %). The decline in the tax rate was primarily due to the sale of e-Spirit companies, which generated income that is largely tax-free.

Employee Key Figures

The total number of employees at the Group increased by 1,153 or 26 % (previous year: 520 or 13 %) from 4,471 to 5,624 full-time equivalents. In the first nine months of 2021, the number of employees rose by 649 (previous year: 438) from the figure reported on 31 December 2020. The number of employees outside of Germany increased to a four-digit figure for the first time, rising by 24 % to 1,009 FTEs. This rise was primarily attributable to new recruitment in Turkey and Switzerland. A marked increase was also reported in the Netherlands, although this was primarily due to the acquisition of Bluegroup IT in the fourth quarter of 2020.

In EUR k	9M 2021	9M 2020	Change	Change in %	Q3 2021	Q3 2020	Change	Change in %
Sales	496,214	383,867	112,347	29	173,781	137,794	35,987	26
EBITDA	81,175	47,096	34,079	72	25,523	25,538	-15	0
EBITDA margin	16.4%	12.3%	4.1	33	14.7%	18.5%	-3.8	-21
Consolidated earnings	42,068	17,607	24,461	139	11,615	12,133	-518	-4
Earnings per share	6.76€	2.86€	3.90€	136	1.86€	1.96€	-0.1€	-5

KEY FIGURES PROFIT SITUATION

Financial Position and Results of Operations

As at 30 September 2021, after the distribution of the dividends from healthy consolidated earnings of EUR 42.1 million, equity rose by EUR 35.2 million to EUR 138.0 million compared to the 31 December 2020 figure. Equity rose by EUR 31.2 million compared to 30 September 2020. At 29.8 %, the equity ratio was higher than the figure of 27.6 % reported on 31 December 2020 but down on the figure as at 30 September 2020 of 31.2 %. The year-on-year decline was due in part to the recognition directly in equity of call/put options relating to acquisitions in the fourth quarter of 2020 and the second quarter of 2021.

Liquid assets stood at EUR 38.8 million as at the reporting date (31 December 2020: EUR 55.1 million; 30 September 2020: EUR 32.0 million). The significant rise in net operating assets and the payment of tax arrears for the previous year relating to the COVID-19 pandemic resulted in cash flow from operating activities standing at EUR 0.2 million, down from EUR 22.9 million in the previous year. Trade receivables and contract assets increased sharply by 45 %, or EUR 54.2 million, to EUR 175.5 million. Cash flow from investment activities amounted to EUR -17.5 million, declining from EUR -10.6 million in the previous year due to the increased investment in property, plant and equipment compared to the previous year (EUR 10.9 million, previous year: EUR 2.2 million) resulting from the acquisition of KIWI Consulting EDV-Beratung GmbH, which led to cash outflow of EUR -3.9 million despite cash inflow from the sale of e-Spirit. Cash flow from financing activities stood at EUR 1.1 million (previous year: EUR -26.0 million). This positive trend was due to new financial liabilities of EUR 36.3 million and came in spite of increased repayments of lease liabilities (EUR -11.6 million; previous year: EUR -9.9 million) and increased repayments of financial liabilities. All in all, loan repayments rose by 44 % to EUR 19.1 million (previous year: EUR -13.3 million) as a result of the refinancing measures.

Compared to 31 December 2020, financial liabilities rose by EUR 25.8 million net to EUR 86.5 million in the first half of 2021 as a result of ongoing repayments, new loans and other financial liabilities. Net liquidity came to EUR -47.7 million as at the reporting date (31 December 2020: EUR -5.6 million; 30 September 2020: EUR -14.2 million).

Investments and Company Acquisitions

Investments in property, plant and equipment amounted to EUR 10.9 million (previous year: EUR 2.2 million) and comprised regular investments in new and replacement factory and office equipment such as IT equipment and furnishings. There is no investment backlog to report.

In the reporting period, 70 % of shares in KIWI Consulting EDV-Beratung GmbH (Walldorf, Germany) were acquired along with all shares in Reachbird AG (Ruggell, Liechtenstein).

KIWI Consulting EDV-Beratung GmbH offers customised IT consulting and software development with a particular focus on banks, public-sector clients and mortgage lenders. It generates annual sales of over EUR 25 million with a pre-tax return of around 10 %. The purchase price for the majority stake stood at EUR 16.3 million.

	9M 2021	9M 2020	Change	Change in%
Employees at the end of the period	6,206	4,961	1,245	25
Full-time equivalents (FTE) at the end of the period	5,624	4,471	1,153	26
Full-time equivalents (FTE) average for the year	5,317	4,249	1,068	25
Sales annualised per average FTE (in EUR k)	124	120	4	3
Gross profit annualised per average FTE (in EUR k)	109	106	3	3
Personnel costs annualised per average FTE (in EUR k)	83	80	3	4

EMPLOYEE KEY FIGURES

Reachbird AG and its subsidiary, Reachbird Solutions GmbH (Munich, Germany), is a marketing agency specialising in influencer-based marketing through social media in the German-speaking region comprising Germany, Austria and Switzerland. The start-up generates annual sales revenues in the lower single-digit million range and made its first positive earnings contribution in 2020.

At the end of the first quarter of 2021, the e-Spirit Group, which develops and markets the FirstSpirit content management system (CMS), was sold to US company CrownPeak Technology Inc. The sales price generated from this transaction, which is still provisional, was EUR 23.0 million and includes a security retention of EUR 1.3 million for the purchaser in relation to the purchase price calculation.

Please refer to the notes to the consolidated interim financial statements for further details on these transactions.

Forecast Report

Anticipated Development of adesso SE

Business performance in the first nine months of the year exceeded expectations following the strong third quarter of 2021. As a result, the Executive Board raised its full-year guidance for sales and EBITDA following the publication of preliminary figures. adesso now anticipates sales of more than EUR 630 million (previously more than EUR 600 million), EBITDA of more than EUR 95 million (previously more than EUR 89 million) and a minimum EBITDA margin of more than 14 % (previously more than 12 %). Even though pandemic-related risks for adesso's business are gradually declining, it is still possible the order and capacity utilisation situation will be adversely affected in the final quarter. As an example, noticeable investment in product business in the second half of 2021 has not yet led to the conclusion of significant licensing agreements as planned. With a solid number of orders in the pipeline, the final quarter also offers some opportunities to exceed the minimum targets by a more considerable margin, depending on possible licence sales.

Subsequent Events

adesso SE has strengthened its financial capacities by increasing its share capital. As part of the capital increase announced on 7 October 2021, the Executive Board of adesso SE resolved with the approval of the Supervisory Board to increase the share capital of the company against cash contribution by EUR 309,679.00 from EUR 6,193,593.00 to EUR 6,503,272.00 under the exclusion of existing shareholder subscription rights by issuing 309,679 new no-par-value bearer shares and partially utilising the existing authorised capital. The new shares were placed with institutional investors in Germany and abroad at a placement price of EUR 160.00 per share by way of an accelerated bookbuilding process. The capital increase was entered into the commercial register on 11 October 2021 and generated gross proceeds for the company of roughly EUR 49.5 million. adesso SE intends to use the funds raised through the capital increase to finance future growth and, in particular, further acquisitions. The focus here lies on further international expansion and the development of sector-specific product business.

As a result, the new shares convey the same rights as existing shares and were admitted to trading on the regulated market (General Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) without a prospectus on 12 October 2021 Trading commenced on 13 October 2021.

Following the private placement, adesso SE is subject to a lock-up period of 180 days, in which no other shares or financial instruments convertible into shares can be issued and no further capital increases can be effected. Standard exceptions apply to the lock-up period.

Consolidated Balance Sheet

OF ADESSO GROUP AS OF 30 SEPTEMBER ACCORDING TO IFRS

ASSETS in EUR k 30 Sep 2021 31 Dec 2020 NON-CURRENT ASSETS Goodwill 67,215 59,016 Intangible assets 25,148 21,625 Property, plant and equipment 24,568 18,131 Right-of-use assets 103,703 79,413 Shares accounted for using the equity method 4,300 3,864 Financial assets 8,638 4,796 Deferred taxes 2,098 1,610 235,670 188,455 CURRENT ASSETS Cash on hand and at bank 38,753 55,053 Trade accounts receivable 109,431 92,829 Contract assets 66,115 28,485 Income tax receivables 3,483 892 Financial assets 155 1,095 Other assets 10,185 5,337 228,122 183,691

TOTAL ASSETS	463,792	372,146

EQUITY AND LIABILITIES

in EUR k	30 Sep 2021	31 Dec 2020
EQUITY
Subscribed capital	6,194	6,185
Capital reserve	5,379	8,650
Other retained earnings	126,279	87,732
Accumulated other comprehensive income	-334	-223
Non-controlling interests	530	530
	138,048	102,874
NON-CURRENT LIABILITIES
Financial liabilities	56,865	49,278
Pensions and similar liabilities	151	162
Provisions	6,275	7,179
Lease liabilities	91,919	66,744
Deferred tax liabilities	3,690	2,230
	158,900	125,593
CURRENT LIABILITIES
Financial liabilities	29,591	11,411
Trade accounts payable	23,492	18,834
Contract liabilities	8,658	8,583
Lease liabilities	15,269	14,501
Income tax liabilities	7,231	14,393
Provisions	9,908	7,338
Other liabilities	72,695	68,619
	166,844	143,679

TOTAL EQUITY AND LIABILITIES	463,792	372,146

Consolidates Income Statement

OF ADESSO GROUP FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER ACCORDING TO IFRS

Sales revenues Other operating income	496,214 23,832	383,867 5,345
Changes in inventories	0	703
Own work capitalised	5	166
TOTAL INCOME	520,051	390,081
Costs of material	-63,132	-44,617
Personnel costs	-331,002	-256,426
Result from the derecognition of financial assets	-8	-3
Result from the change in impairment on financial assets measured at amortised cost	-1,243	-1,748
Other operating expenses	-43,491	-40,191
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA)	81,175	47,096
Scheduled depreciation of property, plant and equipment	-25,410	-19,028
EARNINGS BEFORE INTEREST AND TAXES (EBIT)	55,765	28,068
Earnings from shares recognised under the equity method	-747	-244
Interest income and similar income	906	49
Interest expenses and similar expenses	-1,935	-1,808
EARNINGS BEFORE TAXES (EBT)	53,989	26,065
Income taxes	-11,921	-8,458
CONSOLIDATED EARNINGS	42,068	17,607
of which attributable to shareholders of adesso SE	41,843	17,650
of which attributable to non-controlling interests	225	-43
Number of shares at the end of the period	6,193,593	6,185,343
EARNINGS PER SHARE (BASIC, IN €)	6.76	2.86
EARNINGS PER SHARE (DILUTED, IN €)	6.75	2.86

Consolidated Statement of Comprehensive Income

OF ADESSO GROUP FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER ACCORDING TO IFRS

in EUR k	9M 2021	9M 2020
Consolidated Earnings	42,068	17,607
OTHER COMPREHENSIVE INCOME, SUBSEQUENTLY NOT TRANSFERRED TO THE INCOME STATEMENT
Actuarial gains (+) and losses (-)	0	0
Deferred taxes on actuarial gains and losses	0	-1
OTHER COMPREHENSIVE INCOME, SUBSEQUENTLY TRANSFERRED TO THE INCOME STATEMENT
Currency translation differences	-103	-552
OTHER COMPREHENSIVE INCOME	-103	-553
TOTAL INCOME	41,965	17,054
of which attributable to shareholders of adesso SE	41,732	17,097
of which attributable to non-controlling interests	233	-43

Consolidated Cash Flow Statement

OF ADESSO GROUP FOR THE PERIOD FROM 1 JANUARY TO 30 SEPTEMBER ACCORDING TO IFRS

in EUR k	9M 2021	9M 2020
EARNINGS BEFORE TAX	53,989	26,065
Income from financing activities	1,029	1,759
Scheduled depreciation and amortisation on property, plant and equipment and intangible assets	25,410	19,028
Result from shareholdings recognized under the equity method	747	244
Non-cash income (-) / expenses (+)	-63	173
Income (-) / expenses (+) from the disposal of consolidated subsidiaries	-17,907	0
Change in pension provisions	-11	-10
Change in other provisions	1,747	2,083
Tax payments	-24,082	-3,848
Change to net operating assets	-40,673	-22,856
CASH FLOW FROM OPERATING ACTIVITIES	186	22,638
Divestments of financial assets	805	0
Sale of shares recognised at-equity	100	0
Payments for shareholdings recognized at-equity	-497	-1,544
Investments in property, plant and equipment	-10,858	-2,150
Investments in intangible assets	-932	-1,020
Investments in financial assets	-2,180	0
Acquisition / Disposal of subsiduaries (less purchased cash and cash equivalents)	-3,917	-5,845
CASH FLOW FROM INVESTMENT ACTIVITIES	-17,479	-10,559
Dividend payments	-3,216	-2,903
Dividends from shares recognised under the equity method	249	525
Capital Increase	390	224
New liabilities to banks	36,254	1,080
Repayment of financial liabilities	-19,087	-13,264
Repayment of liabilities from leasing obligations	-11,569	-9,915
Payments for the acquisition of additional shares in subsidiaries	0	-83
Interest paid	-1,942	-1,808
Interest received	24	49
CASH FLOW FROM FINANCING ACTIVITIES	1,103	-26,095
Currency differences	-110	-325
CHANGE IN CASH AND CASH EQUIVALENTS	-16,300	-14,341
Cash and cash equivalents at the beginning of the period	55,053	46,352
Cash and cash equivalents at the end of the period	38,753	32,011

Segment Information

9M 2021 (in EUR k)	IT-Services	IT-Solutions	Reconciliation local laws / IFRS	Consolida tion/ other	Group
Revenues with external customers
Services Licences	430,545 4,611	41,944 8,995	11,167 -1,048	- -	483,655 12,559
Revenues with other operating segments	73,973	14,193	-	-88,166	-
TOTAL SALES	509,129	65,132	10,119	-88,166	496,214
Other operating income	28,382	1,851	-2,537	-3,790	23,906
Changes in inventories	5,454	3,102	-8,556	-	-
Own work capitalised	141	-	-141	5	5
Cost of materials	-128,077	-19,836	-7	84,788	-63,132
Personnel costs	-294,656	-40,729	3,575	808	-331,002
Other operating expenses	-54,481	-6,682	12,397	3,949	-44,817
EBITDA	65,892	2,838	14,850	-2,406	81,175
Depreciation and amortisation	-6,483	-1,162	-17,209	-556	-25,410
Goodwill impairment	-4,166	-308	4,474	-	-
EBIT	55,243	1,368	2,115	-2,962	55,765
Income from financing and investment activities	676	897	-956	-2,393	-1,776
EBT	55,919	2,265	1,159	-5,355	53,989
Goodwill impairment	4,166	308	-4,474	-	-
EBT BEFORE GOODWILL IMPAIRMENT	60,085	2,573	-3,315	-5,355	53,989

9M 2020 (in EUR k)	IT-Services	IT-Solutions	Reconciliation local laws / IFRS	Consolida tion/ other	Group
Revenues with external customers Services Licences	312,866 5,134	40,391 9,026	16,437 -	14 -	369,707 14,160
Revenues with other operating segments	57,078	9,323	-	-66,401	-
TOTAL SALES	375,078	58,740	16,437	-66,387	383,867
Other operating income	10,457	2,916	-5,156	-2,871	5,345
Changes in inventories	15,523	2,032	-16,853	-	703
Own work capitalised	-	-	-	166	166
Cost of materials	-95,055	-15,323	-108	65,868	-44,617
Personnel costs	-222,422	-38,313	4,048	261	-256,426
Other operating expenses	-45,010	-9,295	9,891	2,472	-41,942
EBITDA	38,571	757	8,259	-491	47,096
Depreciation and amortisation	-5,479	-1,312	-11,710	-526	-19,028
Goodwill impairment	-3,154	-441	3,595	-	-
EBIT	29,938	-996	144	-1,017	28,068
Income from financing and investment activities	121	-31	-1,200	-894	-2,003
EBT	30,059	-1,027	-1,056	-1,911	26,065
Goodwill impairment	3,154	441	-3,595	-	-
EBT BEFORE GOODWILL IMPAIRMENT	33,213	-586	-4,651	-1,911	26,065

Financial Calendar

Date	Event
2021-01-11	24nd ODDO BHF Forum, Lyon (virtual)
2021-01-19	20. German Corporate Conference (GCC) of UniCredit/Kepler Cheuvreux (virtual)
2021-02-25	ODDO SEYDLER Digital Small & Mid Cap Conference 2021, Frankfurt/Main (virtual)
2021-03-31	Publication of the 2020 annual report, financial press / analyst conference, Dortmund (virtual)
2021-04-20	German TechITServices Conference of Pareto Securities (virtual)
2021-05-12	Interim announcement of the group within the 1st half-year
2021-05-17/18	Spring Conference 2021, Frankfurt/Main (virtual)
2021-05-27	Regular ASM, Dortmund (virtual)
2021-06-01	Dividend payment
2021-06-10	Quirin Champions 2021 (virtual)
2021-08-30	Publication of the 2021 half-year report
2021-09-07	German Fall Conference, Frankfurt/Main (virtual)
2021-09-20	Berenberg and Goldman Sachs Tenth German Corporate Conference (virtual)
2021-09-27	Roadshow Warburg (virtual)
2021-10-19	Berenberg Pan-European Discovery Conference USA 2021 (virtual)
2021-11-02	Roadshow Warburg (virtual)
2021-11-15	Publication of the Quarterly Statement Q3 2021
2021-11-22/23	German Equity Forum Online, Frankfurt/Main (virtual)
2022-01-10/11	25nd ODDO BHF Forum, Lyon (virtual)
2022-01-17	21. German Corporate Conference (GCC) of UniCredit/Kepler Cheuvreux

Imprint

adesso SE | Adessoplatz 1 | 44269 Dortmund | Germany T +49 231 7000-7000 | F +49 231 7000-1000 | ir@adesso.de | www.adesso-group.de/en/ | www.adesso.de/en/ Concept: adesso SE Layout: Marcus Lazzari, www.roeske-lazzari.de

IR contact:

Martin Möllmann Manager Investor Relations T +49 231 7000-7000 F +49 231 7000-1000 E ir@adesso.de

Legal notice:

This adesso SE Quarterly Statement was prepared in accordance with Section 53 of the Frankfurt Stock Exchange Rules and Regulations (Börsenordnung). This Statement is not an interim report within the meaning of IAS 34 or a set of financial statements within the meaning of IAS 1. It was not subjected to a review by an auditor. This Quarterly Statement should be read alongside the Interim Announcement for the first quarter of 2021, the 2021 Half-Year Financial Report as well as the 2020 Annual Report, and the additional information about the company contained therein.

This document contains forward-looking statements that pertain to the business, financial position and income of adesso SE. Forward-looking statements are not historical facts and are indicated by a number of terms, including "believe", "expect", "predict", "intend", "forecast", "plan", "estimate", "endeavour", "foresee", "assume", "pursue the goal" and other similar expressions. Forward-looking statements are based on current plans, estimates, forecasts and expectations and are therefore subject to risks and elements of uncertainty that could result in significant deviations between actual developments, income and performance and the developments, income and performance explicitly stated or implicitly supposed in the forwardlooking statements. Readers are advised not to place undue faith in these forward-looking statements, which are valid solely at the moment at which they are made. adesso SE does not intend to publish an update of these forward-looking statements to take into account events or circumstances that take place or arise after the date of publication of this document and does not assume any liability for doing so.

adesso SE Adessoplatz 1 44269 Dortmund Germany T +49 231 7000-7000 F +49 231 7000-1000 ir@adesso.de www.adesso-group.de/en/

"Allegro" is a performance designation for the tempo of a piece of music. Not only adjectives of speed are used – but often also characteristics that indicate the feeling are transferred into tempo indications. Allegro stands for "fast and cheerful".