Gigaset AG

Earnings Release • May 20, 2021

from January 1 to

March 31, 2020

KEY FIGURES KEY FACTS

illi EU R m on s	1/1 / - 3/3 1/2 02 1	1/1 / - 3/3 1/2 02 0
lida ted Co nso rev en ues	50. 5	32. 4
bef de nd EBI TD A ( Ear nin int cia tio st, t gs ore ere axe s, pre n a izat ion ) ort am	1.6	-7.4
T ( bef nd es) EBI Ear nin int st a tax gs ore ere	-2.3	-11 .5
lida ted t lo ss f he Co or t nso ne yea r	-1.9	-8. 1
flow Fre ash e c	-13 .7	-14 .7
Ear sh ( dilu ted ) in E UR nin gs per are	-0.0 1	-0.0 6
	3/3 1/2 02 1	12/ /20 31 20
Tot al a sts sse	190 .6	204 .9
Co lida ted uity nso eq	6.3	1.9
o ( ) Equ ity rati in %	3.3	0.9
mb f em loy Nu er o p ees	890	893
Th iga Sh e G set are	Q 1 2 02 1	Q 1 2 02 0
Clo t th nd of t he iod sin rice in EU R (a ) g p e e per	0.3 3	0.2 8
hes he iod Hig rice in EU R ( in t ) t p per	0.4 1	0.3 7
Low ice in EU R ( in t he iod ) est pr per	0.2 7	0.2 0
Nu mb f sh cul n (a t th nd of t he iod ) s in cir atio er o are e e per	132 45 5, 896 ,	132 45 5, 896 ,
rke ital R m illio n (a t th nd of t he iod ) Ma izat ion in EU t ca p e e per	44 .0	37. 0

We, too, are still feeling the effects of the coronavirus pandemic. However, we nevertheless saw very positive developments in the operating segments of Phones, Smartphones and Professional in the first quarter of the year. Only the Smart Home segment is still being heavily impacted by the coronavirus pandemic. We believe that we are in a good position for the future. In our view, there is still huge potential in the B2B business, while rapidly increasing digitalization in the private and professional spheres is opening up plenty of opportunities we intend to make full use of. ""

GIGASET 1. QUARTALSMITTEILUNG 2021

Thomas Schuchardt, CFO of Gigaset AG

• A good start to the year, especially with regard to the business with Phones and Smartphones
• Significant improvement in revenues and earnings compared with the same time last year
• Consolidated revenues increased by almost 56% compared with the year-ago figure
• EBITDA back in positive territory at EUR 1.6 million
• Outlook for the 2021 financial year remains unchanged in light of ongoing uncertainties

1 GENERAL ECONOMIC ENVIRONMENT

The second and third waves of the coronavirus pandemic have interrupted Germany's economic recovery, with a significant decline in economic output observed in the first quarter of 2021. As the vaccination program progresses, the economic burden caused by the pandemic is expected to ease and the recovery anticipated to continue at high speed.

Unlike in 2020, the financial losses are currently much more concentrated on the consumer-related service industries and trade. Although consumer spending was temporarily even more heavily affected than at the start of the pandemic, the effects on the overall economy were considerably lower.

In its March report, the Kiel Institute for the World Economy forecasts that gross domestic product will expand robustly following the decline of 4.9% in 2020, with growth rates of 3.7% in the current year and 4.8% in the coming year.

Last but not least, the pandemic is also leaving visible marks on public finances. The budget-deficitto-GDP ratio is again expected to considerably exceed 4% in the current year, owing to additional expenses related to the pandemic and revenue shortfalls. In 2022, the deficit is expected to decline considerably to 1.3%, with the debt level returning to just under 70%.

German consumer spendings will continue to be characterized by the coronavirus pandemic over the further course of the year. Most lockdown measures were retained throughout the first quarter of the financial year, resulting in an even stronger decline at the start of the year. According to the Kiel Institute for the World Economy, private household spendings are even set to fall short of the level observed in the second quarter of the previous year.

Overall, any positive forecasts hinge on the pandemic being successfully curbed. This is to open up a clear perspective and therefore more planning certainty.1

Against this background, Gigaset is faced with two key uncertainty factors: the actual further course of the coronavirus pandemic on the one hand, and the indirect effects thereof on the other. Here, supply of materials is the main challenge for the Company, and it is not alone in facing this. The upheavals caused by production stoppages and decreased transportation owing to the coronavirus crisis are affecting numerous industries, from the automotive sector to consumer electronics.2

1 Kiel Institute for the World Economy (2021) – Kiel Institute Economic Outlook Germany, No. 77 (2021|Q1) 2 https://www.maclife.de/news/corona-chip-knappheit-belastet-samsung-naechste-galaxy-note-100118777.html

2 BUSINESS DEVELOPMENTS

It is proving to be significantly more difficult and lengthier to fight the effects of the coronavirus pandemic than suspected at the beginning of the outbreak in Q1 2020. Even now, one year later, Germany and numerous other countries are still in an ongoing cycle of imposing lockdowns and easing measures. Many countries are still very far off from returning to "normality".

As described in the section on the general economic environment, this cycle, coupled with the lack of a clear perspective for planning, is tending to have a more negative than positive impact on Gigaset's business. Regardless of this, business developments were positive on the whole in the first quarter of 2021.

The retail trade in Europe is of particular importance for Gigaset – including in terms of presenting its products. Numerous stores were and still are closed, although trade with measures such as click & collect aims to compensate for the situation in the best way possible. In addition, Gigaset considerably boosted sales of products on various online platforms through further, targeted activities to expand its own eCommerce business, as well as that controlled by third parties.

The renaissance of fixed-line telephony, which started to make a comeback in 2020, also benefited Gigaset in the first quarter of 2021. Changes in working environments and an increase in people working from home have boosted revenues in this area. Overall, three of the four operating segments again recorded noticeably positive developments compared with the previous year. Gigaset was therefore able to stop relying on reduced working hours, a measure introduced in April 2020 in all areas of the Company, at the end of February 2021.

2.1 Phones

In an ongoing challenging market environment, revenues in the Phones segment continue to be positively impacted in particular by the everyday changes brought about by the ongoing coronavirus pandemic, such as an increase in people working from home. Demand for fixed-line telephony in combination with make-shift measures in the retail trade (such as click & collect) and increasing trends towards online purchases resulted in an almost 40% increase in revenues, despite all of the store closures.

2.2 Smartphones

In the previous year, the Smartphones operating segment was hit particularly hard in all sales markets by the measures put in place to contain the coronavirus. In the first quarter of 2021, revenues had improved considerably, having doubled compared with the previous year.

2.3 Smart Home

The situation in the Smart Home segment remains challenging without any change. On the one hand, the markets did not develop as forecast by third parties; on the other, smart home goods are primarily being purchased by consumers in the areas of comfort and entertainment. Smart televisions and vacuum cleaners, which are also included in the outlooks of market research institutes, are dominating over security or energy management solutions, such as those offered by Gigaset. Accordingly, revenues fell considerably to one third of the level achieved in the previous year. This development was also the result of the cooperation with Swisscom AG in Q1 2020, which generated considerably higher volumes of revenues.

2.4 Professional

The Professional operating segment is progressing well again after the 2020 crisis year. After a period of projects and orders being put on hold by companies, corresponding pent-up demand effects among other things led to an increase in revenues of over 15% in the first quarter of 2021.

3 FINANCIAL PERFORMANCE, CASHFLOWS AND FINANCIAL POSITION OF THE GROUP

3.1 Financial performance

The Gigaset Group generated total revenues of EUR 50.5 million (prior year: EUR 32.4 million) in the first quarter of 2021. Revenues were subject to the usual seasonal fluctuations in the consumer business. Despite the ongoing coronavirus pandemic, revenues increased by 55.9%, or EUR 18.1 million, in the first three months of the financial year compared with the year-ago period. This was largely due to the 75.1% increase in online trade, whereas sales via over-the-counter retail trade were made more difficult by the ongoing Europe-wide lockdown.

In the Phones operating system, revenues rose by 39.5% to EUR 35.3 million in the first quarter of 2021 compared with the year-ago figure. This development was primarily driven by the increase in revenues from cordless phones.

In the Smartphones segment, revenues rose by EUR 7.3 million compared with the equivalent period in the previous year. In the previous year, revenues were negative at EUR -3.7 million owing to returns of devices by distributors, which meant that, at EUR 3.6 million, revenues in the current financial year were almost double as high. This development was impacted among other things by the new GS3 and GS4 smartphones, which were very well received by the market.

The Smart Home segment was the only segment to record declines in the first quarter of 2021 compared with the previous year. Revenues fell significantly, from EUR 1.2 million in the previous-year period to EUR 0.4 million, equating to a decline of -66.7%. In the first quarter of 2020, a carefully prepared strategic partnership with Swisscom AG led to a surge in revenues, a development that could not be fully replicated in the current reporting period.

With revenues of EUR 11.2 million in the first quarter, the performance of the Professional segment was positive compared with the same period in the prior year (EUR 9.6 million). Following a period of projects being suspended and postponed, higher volumes of new contracts were concluded and projects implemented in the first quarter of 2021.

in illi Re EU R m ve nu es on s	Q 1 2 02 1	Q 1 2 02 0	Ch in % an ge
Pho nes	35. 3	25. 3	39. 5
Sm ho art p nes	3.6	-3.7	197 .3
Sm Ho art me	0.4	1.2	-66 .7
Pro fes nal sio	11. 2	9.6	16. 7
Gig t T l ota ase	50 .5	32 .4	55 .9

In the internal segment report, revenues are broken down by country based on both the receiving entities and the domicile of each company ("country of domicile").

The regional breakdown of revenues by receiving entities is based on the revenues billed in the respective regions, regardless of the domicile of the billing entity. If, for example, a German company issues an invoice to an entity in the Netherlands, the corresponding revenue is attributed to the Europe region for purposes of the regional breakdown by receiving entities. The regional breakdown of revenues by receiving entity is presented in the table below:

Re in EU R m illi ve nu es on s	Q 1 2 02 Q 1 2 02 0 1		Ch in % an ge
Ge rm any	22. 9	9.4	143 .6
Eur e (e xcl ud Ge ) ing op rm any	20. 7	16. 5	25. 5
Res f W orld t o	6.9	6.5	6.2
Gig t T l ota ase	50 .5	32 .4	55 .9

As part of the segment report by geographical region within the Group, revenues are additionally attributed to the country of domicile of the various legal entities. If, for example, a German company issues an invoice to an entity in the Netherlands, the corresponding revenue is attributed to the country of domicile, i.e. the Germany region. The regional breakdown of revenues by country of domicile is presented in the table below:

Re in EU R m illi ve nu es on s	Q 1 2 02 1	Q 1 2 02 0	Ch in % an ge
Ge rm any	28. 9	13. 1	120 .6
e (e xcl ud Ge ) Eur ing op rm any	15. 9	14. 3	11. 2
f W orld Res t o	5.7	5.0	14. 0
Gig t T l ota ase	50 .5	32 .4	55 .9

The cost of materials for raw materials, merchandise, finished goods and purchased services was EUR 22.9 million – an increase of EUR 4.4 million from EUR 18.6 million in the previous year. At 45.5%, the cost of materials rate3 fell considerably compared with the year-ago figure of 53.4%, taking into account the change in inventories, owing to the product mix.

Gross profit, which is calculated as revenues minus the cost of materials and in considerations of the change in inventories of finished and unfinished goods, increased significantly by 69.5% to EUR 27.5

3 This ratio is calculated as the quotient of the cost of materials divided by the sum of revenues and the change in inventories of finished and unfinished goods.

million in the reporting period. At 54.5%, the gross profit margin4 likewise rose considerably compared with the prior year (46.6%) due to the product mix.

Other internal production capitalized increased from EUR 2.2 million in the first quarter of last year to EUR 2.6 million in the first quarter of 2021.

The other operating income of EUR 3.6 million in the reporting period was slightly higher than the year-ago figure of EUR 3.1 million. Realized and unrealized exchange rate gains continued to constitute material items.

Personnel expenses for wages, salaries, social security contributions and old age pensions amounted to EUR 15.8 million in the first quarter of 2021, thus at the same level as in the previous year (EUR 15.9 million). The reduced working hours measure put into place in April 2020 was discontinued for the German locations at the end of February 2021. The personnel expenses ratio5 came to 31.4% (prior year: 45.7%). The significant improvement was caused by the considerable increase in revenues.

Other operating expenses were incurred in the amount of EUR 16.4 million (prior year: EUR 13.1 million) in the reporting period. The increase in costs was attributed mainly to higher marketing expenses.

Earnings before interest, taxes, depreciation, amortization and impairment losses (EBITDA) thus amounted to EUR 1.6 million (prior year: EUR -7.4 million). After deducting depreciation, amortization and impairment losses in the amount of EUR 3.8 million (prior year: EUR 4.0 million), earnings before interest and taxes (EBIT) amounted to EUR -2.3 million (prior year: EUR -11.5 million).

4 The gross profit margin is now calculated as gross profit divided by revenues plus changes in inventory. 5 The personnel expenses ratio is calculated as personnel expenses divided by revenues plus changes in inventory. Taking into account the financial result in the amount of EUR -0.2 million (prior year: EUR -0.2 million), the result from ordinary activities amounted to EUR -2.5 million (prior year: EUR -11.6 million).

The consolidated loss for the period from January 1 to March 31, 2021 amounted to EUR -1.9 million (prior year: EUR -8.1 million).

This yields earnings per share of EUR -0.01 (undiluted/diluted) (prior year: EUR -0.06 (undiluted/diluted)).

3.2 Cashflows

The Company's cashflows are presented in the table below:

shf low illi Ca s in EU R m on s	Q 1 2 02 1	Q 1 2 02 0
hflo w f Cas tin ctiv itie rom op era g a s	-10 .2	-11 .7
hflo w f Cas inv ing tivi ties est rom ac	-3.4	-3.0
Fre e C ash flow	-13 .7	-14 .7
Cas hflo w f fin ing tivi ties rom anc ac	0.1	-1.6

In the first quarter of 2021, the Gigaset Group generated a cash outflow from operating activities in the amount of EUR -10.2 million (prior year: cash outflow EUR -11.7 million). This resulted mainly from payments on account of trade payables, other provisions and other liabilities in the amount of EUR 9.7 million, and the increase in inventories in the amount of EUR 3.8 million, together with cash inflows from payments received on account of trade receivables and other assets in the amount of EUR 2.1 million.

The cash outflow from investing activities amounted to EUR -3.4 million after EUR -3.0 million in the previous financial year. Most investments in the reporting period and previous year related to expenses for the development of new products and solutions.

The cash inflow from financing activities amounted to EUR 0.1 million (prior year: cash outflow of EUR -1.6 million). While it was predominantly principal and interest repayments linked to the credit facility raised in 2018 that were made in the current quarter and same quarter of the previous year, cash inflows from supplier loans as part of the cooperation with Unify led to a slightly positive net cashflow from financing activities in the first quarter of 2021.

Please refer to the statement of cashflows for a detailed account of the development of cash and cash equivalents. Exchange rate changes of EUR -0.1 million (prior year: EUR -0.2 million) were included in the cashflow. Cash and cash equivalents amounted to EUR 28.4 million as of March 31, 2021 (prior year: EUR 20.0 million).

3.3 Financial position

As of March 31, 2021, the total assets of the Gigaset Group amounted to EUR 190.6 million, which represents a reduction compared with December 31, 2020 (EUR 204.9 million).

Compared with December 31, 2020, noncurrent assets decreased by EUR 2.5 million to EUR 93.8 million. The reduction resulted mainly from a decrease in deferred tax assets as of March 31, 2021.

Current assets accounted for 50.8% of total assets. These decreased by EUR 11.9 million compared with December 31, 2020 and amounted to EUR 96.8 million. The biggest drivers of this reduction, accounting for EUR 13.7 million, were cash and cash equivalents. Please refer to the statement of cashflows shown in the quarterly financial report for a detailed account of changes in cash and cash equivalents.

Total liabilities amounted to EUR 184.3 million (December 31, 2020 EUR 203.0 million), of which 42.6% are current.

The Gigaset Group's equity amounted to EUR 6.3 million as of March 31, 2021, and was EUR 4.4 million higher than at the beginning of the year. This corresponds to an equity ratio of 3.3%, as compared with 0.9% as of December 31, 2020. Taking into account deferred taxes, cashflow hedging led to a positive effect of EUR 0.2 million recognized directly in equity. The valuation of pension obligations at the current discount rate, taking into account deferred taxes, resulted in a positive effect of EUR 6.2 million on equity. The consolidated net loss amounted to EUR 1.9 million and led to a corresponding negative effect on consolidated equity. All effects on equity are described in the section entitled "Development of consolidated equity".

Noncurrent liabilities were mainly composed of pension obligations and financial liabilities. The decrease in noncurrent liabilities amounted to EUR 9.8 million compared with the reporting date of December 31, 2020; as a result, these liabilities now amount to EUR 105.8 million as of March 31, 2021. The decrease resulted mainly from changes in the pension obligations amounting to EUR 9.6 million.

The current liabilities of EUR 78.5 million were about EUR 10.2% less than as of December 31, 2020. The decline resulted mainly in a drop in trade payables from EUR 45.0 million to EUR 35.7 million as of March 31, 2021, as well as in a EUR 1.1 million decrease in current provisions. This was accompanied by increases in other liabilities of EUR 0.6 million and in current financial liabilities of EUR 1.0 million.

4 GENERAL ASSESSMENT OF THE GROUP'S EXPECTED PERFORMANCE

Outlook

As described by the Kiel Institute for the World Economy,6 numerous opportunities and risks continue to exist for 2021, although it is still not possible to deduce a clear trend as to how things will develop in 2021. The assumed projections towards a general recovery in economic output are all based on a common presumption: that the pandemic will be successfully and swiftly brought to an end.

Should this fail to materialize or should, despite the pandemic being successfully brought to an end, corporate insolvencies increase significantly as a result of key cushioning measures taken by the government, such as the law to mitigate the effects of the coronavirus pandemic in insolvency law, which suspended the obligation to file for insolvency, this could have a negative impact on private household consumption.

In Gigaset's view, 2021 will continue to be subject to a great deal of uncertainty when it comes to the medium- and long-term impacts of the pandemic in this year. In light of this projection, Gigaset sees itself as still heavily dependent on external factors it cannot influence itself, such as government decisions regarding stay-at-home orders, business and border closures and the duration and further development of the pandemic itself. In addition, production capacities may not be fully utilized as a result of current shortages on the market, such as for chipsets. Like numerous other industries, Gigaset needs to overcome this challenge in procuring materials. Its long-term, well-established business relationships with its partners will prove beneficial here.

General assessment of the Managing Board

In light of the assumptions described in the outlook of the 2020 Annual Report and excluding a sudden significant worsening of the coronavirus pandemic, Gigaset expects unchanged developments in its financial position, cashflows and financial performance in the 2021 financial year:

• 1. A slight increase in revenues and EBITDA compared with 2020, which was heavily impacted by the coronavirus
• 1. A positive free cashflow and pre-coronavirus levels taking into account the planned operating business and necessary investments

⁶ Kiel Institute for the World Economy (2021) – Kiel Institute Economic Outlook Germany, No. 77 (2021|Q1)

11

5 CONSOLIDATED INCOME STATEMENT 7

R'0 EU 00	1/1 / - 3/3 1/2 02 1	/ - 3/3 1/1 1/2 02 0
Rev en ues	50, 2 45	32, 388
f fin fin Ch e in inv orie ish ed and ish ed od ent ang s o un go s	-27	2, 396
Pur cha sed od nd vic go s a ser es	-22 923 ,	-18 559 ,
fit Gro ss pro	27 50 2 ,	16, 22 5
Oth l pr od ital d er i ion ize nte uct rna ca p	2, 636	2, 218
Oth atin inc er o per g om e	3, 617	3, 109
nel Per son ex pen ses	-15 814 ,	-15 890 ,
Oth atin er o per g e xpe nse s	-16 386 ,	-13 099 ,
EB ITD A	1, 55 5	-7, 43 7
De cia tio nd izat ion ort pre n a am	-3, 805	-4, 023
EB IT	-2, 25 0	-11 46 0 ,
Oth d s lar er i imi inc nte t an res om e	161	182
d s lar Inte imi t an res exp ens es	-38 6	-35 8
Fin cia l re sul t an	-22 5	-17 6
fro Res ult rdi ctiv itie m o na ry a s	-2, 47 5	-11 63 6 ,
Inc e ta om xes	545	3, 573
s fo Co lid d n los r th ate et nso e y ear	-1, 93 0	-8, 06 3
r sh Ear nin gs pe are
‒ U nd ilut ed ( Bas ic) in E UR	-0.0 1	-0.0 6
ilut ed ‒ D in E UR	-0.0 1	-0.0 6

⁷ The consolidated income statement includes key figures that are not defined under IFRS

6 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EU R'0 00	1/1 / - 3/3 1/2 02 1	/ - 3/3 1/1 1/2 02 0
s fo Co lid d n los r th ate et nso e y ear	-1, 93 0	-8, 06 3
th ibly be cla fie d t rof r lo lat Ite ssi it o tim at t a ms ma y p oss re o p ss a er e
Cu nsl han atio tra rre ncy n c ges	-12 2	-34 0
Cas hflo w h edg es	319	513
Inc ized thi s ite e ta om xes rec ogn on m	-10 1	-16 3
Ite th wi ll n be las sifi ed ofi r lo lat tim at ot to t o t a ms rec pr ss a er e
alu ffec et d ebt of def d b fit lan s b efo Rev atio ine sio re i t, n tax n e ene pen n p nco me es	9, 149	0
ized thi Inc s ite e ta om xes rec ogn on m	-2, 909	0
ial lue th h O the r Co reh e ( FVO CI) Fin ins Fai r Va ive Inc tru nts at anc me rou g mp ens om	0	200
tal ch niz ed in fit los To ot an ge s n rec og pro or s	6, 33 6	21 0
tal in nd niz ed To com e a ex pe nse s re cog	4, 40 6	-7, 85 3

7 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

R'0 EU 00	3/3 1/2 02 1	12/ /20 31 20
AS SET S
No nt ets ncu rre ass
ible Inta set ng as s	51, 992	51, 367
lan d e Pro ipm ty, t an ent per p qu	18, 378	18, 944
Rig ht o f us ts e a sse	3, 080	3, 463
Fin ial ets anc ass	6, 700	6, 700
fer De red tax set as s	13, 664	806 15,
To tal nt ets no ncu rre ass	93 81 4 ,	96 28 0 ,
Cu nt ets rre ass
Inv orie ent s	27, 358	23, 513
Tra de eiv abl rec es	22, 719	24, 619
Oth ts er a sse	181 17,	08 17, 1
ref und cla Tax ims	1, 162	1, 398
h a nd h e len Cas iva ts cas qu	28, 376	42, 045
tal To nt ets cu rre ass	96 79 6 ,	10 8, 65 6
To tal set as s	19 0, 61 0	20 4, 93 6

EU R'0 00	3/3 1/2 02 1	12/ 31 /20 20
EQ UIT Y A ND LIA BIL ITIE S
uit Eq y
Sub ibe d c ital scr ap	132 456 ,	132 456 ,
Ad dit al p aid ital ion -in cap	86, 076	86, 076
ed Ret ain nin ear gs	68, 979	68, 979
ula ted her reh Acc ive uity ot um co mp ens eq	-28 1, 209	-28 5, 615
tal To uit eq y	6, 30 2	1, 89 6
liab ilit ies No nt ncu rre
blig Pen sio atio n o ns	88, 645	98, 25 1
Pro vis ion s	2, 306	2, 363
ial liab iliti Fin anc es	12, 634	12, 659
liab iliti Lea se es	1, 745	2, 07 1
De fer red lia bili ties tax	466	276
tal liab ilit ies To nt no ncu rre	10 5, 79 6	11 5, 62 0
Cu liab ilit ies nt rre
Pro vis ion s	11, 917	13, 05 1
ial liab iliti Fin anc es	4, 816	3, 793
Lea liab iliti se es	1, 578	1, 659
Tra de abl pay es	35, 670	45, 032
lia bili Tax ties	799 1,	773 1,
Oth er l iab iliti es	22, 732	22, 112
tal liab ilit To ies nt cu rre	78 2 51 ,	87 42 0 ,
tal nd lia bil To uit itie eq y a s	19 0, 61 0	20 4, 93 6

8 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	EU R'0 00	Sub d cap ibe scr ital	Ad dit ion al p aid - in c ital ap	Ret ed ear ain nin gs	Acc ula ted um oth er hen siv com pre e ity equ	Con sol ida ted ity equ
	De be r 3 1, 20 19 cem	13 2, 45 6	86 07 6 ,	68 97 9 ,	-26 8, 96 8	18, 54 3
1	lida ted t lo Co ss 2 020 nso ne	0	0	0	-8, 063	-8, 063
2	nsl n d iffe Cu atio tra rre ncy ren ces	0	0	0	-34 0	-34 0
3	hflo Cas w h edg es	0	0	0	350	350
4	Fin ial ins d a t Fa ir V alu e th h O the r Co reh ive Inc e ( FVO CI) tru nts anc me m eas ure rou g mp ens om	0	0	0	200	200
5	Rev alu ffec ts f de fine d b fit lan atio sio n e rom ene pen n p s	0	0	0	0	0
6	al c han ed rof r lo Tot niz in p it o t re ges no cog ss	0	0	0	210	210
7	To tal t in e ( 6) 1+ ne com	0	0	0	-7, 85 3	-7, 85 3
	Ma rch 31 20 20 ,	13 2, 6 45	86 07 6 ,	68 97 9 ,	-27 6, 82 1	10, 69 0
	be De r 3 1, 20 20 cem	13 2, 6 45	86 07 6 ,	68 97 9 ,	-28 61 5, 5	89 6 1,
1	Co lida ted t lo ss 2 021 nso ne	0	0	0	-1, 930	-1, 930
2	Cu nsl n d iffe atio tra rre ncy ren ces	0	0	0	-12 2	-12 2
3	Cas hflo w h edg es	0	0	0	218	218
4	ial d a alu e th h O the r Co reh e ( FVO CI) Fin ins t Fa ir V ive Inc tru nts anc me m eas ure rou g mp ens om	0	0	0	0	0
5	alu ffec ts f de fine d b fit lan Rev atio sio n e rom ene pen n p s	0	0	0	6, 240	6, 240
6	al c han ed rof r lo Tot niz in p it o t re ges no cog ss	0	0	0	6, 336	6, 336
7	tal e ( 6) To t in 1+ ne com	0	0	0	4, 40 6	4, 40 6
	rch Ma 31 20 21 ,	13 2, 45 6	86 07 6 ,	68 97 9 ,	-28 1, 20 9	6, 30 2

9 CONSOLIDATED STATEMENT OF CASHFLOWS

R'0 EU 00	1/1 / -	/ - 3/3 1/1
	3/3 1/2 02 1	1/2 02 0
ult fro rdi Res ctiv itie m o na ry a s	-2, 47 5	-11 63 6 ,
of De cia tio nd izat ion lan d e ipm d in ible ort ty, t an ent tan set pre n a am pro per p qu an g as s	3, 805	023 4,
Inc (+ ) / dec (- ) in p ion ovi sio rea se rea se ens pr ns	-45 7	1, 32 1
Ga in ( -) / los s (+ ) o he sale of n t nt a tes no ncu rre sse	-2	61
Ga in ( -) / los s (+ ) fro m d lida tio eco nso ns	6	0
in ( -) los s (+ ) fro nsl Ga / atio tra m c urr enc y n	151	1, 000
Ne t in inc ter est om e	225	176
Inte cei ved t re res	6	3
Inc id e ta om xes pa	-53	-89
(- ) / dec (+ ) Inc in i ries nto rea se rea se nve	-3, 845	-2, 60 1
(- ) dec (+ ) rad vab les and her Inc / in t cei ot set rea se rea se e re as s	2, 119	27, 273
dec rad ble the r lia bili d o the Inc (- ) / (+ ) in t ties isio rea se rea se e p aya s, o an r p rov ns	-9, 747	-30 047 ,
of of fina Inc (- ) / dec (+ ) in o the r ite the nci al p osi tio sta tem ent rea se rea se ms n	38	162 -1,
sh inf low tflo fro hfl Ca (+ ) /ou w ( -) ing tiv itie s (n ) rat et m o pe ac cas ow	-10 22 9 ,	-11 67 8 ,
fro of Pro ds he sale m t nt a ts cee no ncu rre sse	6	0
Pay of inv in nts est nts nt a ts me me no ncu rre sse	-3, 443	-3, 013
inf tflo fro Ca sh low (+ ) /ou w ( -) inv ing tiv itie est m ac s	-3, 43 7	-3, 01 3
ash flo Fre e c w	-13 66 6 ,	69 -14 1 ,
Cas hflo fro he (- ) o f cu nt f al l iab iliti ina nci m t ent ws rep aym rre es	-60 4	-58 8
Cas hflo fro he bo f no nt f al l iab iliti win ina nci m t ws rro g o ncu rre es	1, 590	39
fo r le lia bili Pay ties nts me ase	-46 3	-54 7
aid Inte t p res	-41 8	-54 9
sh inf low (+ ) tflo w ( -) fro m f Ca /ou ina nci tiv itie ng ac s	10 5	-1, 64 5
Cas h a nd h e len t b of iod iva inn ing ts a cas qu eg per	40, 584	33, 980
Ch du cha e d iffe e to rat ang es ex nge ren ces	-10 8	-22 3
h a nd h e len t b of iod d a los cha Cas iva inn ing rior ing ts a t p rat cas qu eg per , m eas ure -ye ar c ex nge e	40, 692	34, 203
dec ed h Inc (- ) / (+ ) in r rict est rea se rea se cas	-26	677
Ch sh and sh ale e in uiv nts ang ca ca eq	-13 56 1 ,	-16 336 ,
sh d c ash ale d o f p od Ca uiv eri nts at an eq en	26 99 7 ,	18, 32 1
Res ted sh tric ca	1, 379	1, 677
Ca sh d c ash uiv ale of fin cia l po siti nts r st ate nt an eq pe me an on	28 37 6 ,	19, 99 8

FINANCIAL CALENDAR 2021

(Remaining)8

Ju 8, 20 21 ne	An l ge l m 20 21 (v l) ing irtu eet nu a ne ra a
be Se r 1 6, 20 21 tem p	l fin l re Sem ian cia rt 2 02 1 nu a an po
be No r 2 5, 20 21 ve m	fin l re for Q Int eri cia 3 2 02 1 rt m an po

PUBLICATION DETAILS

Published by

Gigaset AG Frankenstraße 2 46395 Bocholt

Phone: +49 (0) 2871 / 912 912 info@gigaset.com, www.gigaset.ag

Edited by

Gigaset AG Investor Relations & Corporate Communications

Notes

This quarterly report has not been audited. This report is not an interim financial report according to IAS 34 or financial statements according to IAS 1. It was prepared on the basis of the accounting policies applied for the most recent consolidated financial statements. The comparison figures from the first quarter of 2020 have not been adjusted to account for new accounting standards. This quarterly report includes statements and information of Gigaset AG referring to future periods. These forward-looking statements represent estimates that were made on the basis of all available information at the time when the report was prepared. If the assumptions underlying the forecasts should prove to be inaccurate, the actual developments and results can deviate from current expectations. The Company bears no obligation to update the statements included in this report beyond the statutory publication regulations.

The amounts and percentages stated in this interim report are rounded to the nearest whole number; consequently, minor rounding differences can arise as a result.

This English interim report of Gigaset AG can be viewed and downloaded just as the report in German on Gigaset AG's homepage (http://www.gigaset.ag). When in doubt in the event of minor differences in the contents as well as differences in the stated figures, the German version is authoritative.

Contact

Raphael Dörr SVP Corporate Communications & Investor Relations | SVP Sponsoring

Gigaset AG Bernhard-Wicki-Str. 5 80636 Munich Phone: +49 (0) 89 / 444 456 866 Mail: info@gigaset.com

8 Subject to change