New Work SE

Investor Presentation • Feb 24, 2021

FY 2020 (UNAUDITED)

NEW

WORK

Results Presentation

HAMBURG, 24 FEBRUARY 2021

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MARKET LEADING C- DESTINATIONS XING AND KUNUNU CONTINUE TO GROW STRONGLY AND EXPAND THEIR REACH DESPITE COVID CRISIS

$+1.7m$

$+10%$

new members on XING totalling 19m at end of 2020

$+1.1m$

new workplace insights on kununu totalling 4.6m insights

Finde deinen besten Arbeitgeber.

Kununu

kununu.com

EMPLOYER BRANDING AND APPLICANT TRACKING SYSTEM (PRESCREEN) SHOWING STRONG RESILIENCE DESPITE COVID CRISIS

$>20\%$

in employer branding (EBP) revenues in 2020

$>50\%$

in Prescreen (ATS) revenues in 2020

OUTLOOK

• Long-term outlook unchanged and positive $\mathbf{r}$
• Covid pandemic will cost us time on our journey ×
• For 2021 we expect stable development vs. 2020 $\bullet$
• Recommendation to pay a stable regular dividend of €2.59 ٠
• Strategy outlook scheduled for March 31st (CMD) $\bullet$

2020 FINANCIAL HIGHLIGHTS

• LONG-TERM OUTLOOK UNCHANGED AND POSITIVE
• MARKET LEADING C DESTINATIONS
• TOP-LINE GROWTH OF 2% (PRO-FORMA) IMPACTED BY COVID
• PRO-FORMA EBITDA W/92.3M AND MARGIN OF 33% IN GUIDANCE
• OPERATING CASH FLOW INCREASED SLIGHTLY TO €81.0M^*
• PROPOSAL OF REGULAR DIVIDEND AT €2.59 PER SHARE (STABLE VS. PY)

	2020 P&L: €276.0M PRO-FORMA REVENUES AND €92.3M PRO-FORMA EBITDA

Pro-forma	2020	$2019*$			2020 vs. 2019
	Abs.**	Abs.**		Rel.	Abs.
Service revenues	276.0 276.5	269.2	269.5	3%	7.4
Other operating income	2.0	6.4	2.6	(69%)	(4.4)
Capitalised own work	23.6	24.9		(5%)	(1.3)
Costs before capitalisation	(209.4) (214.5)	(213.0)	(212.4)	1%	(1.5)
EBITDA	92.3 87.6	87.5	84.7	0%	0.2
Margin	33% 32%	32%	31%	(2%pt)
D&A	(56.1) (37.9)	(32.9)	(33.0)	71%	(23.2)
Financial result	9.3 (0.5)	4.7	(1.3)	99%	4.6
Taxes	(14.7) (16.5)	(16.1)	(14.6)	(8%)	1.3
Net income	26.1 37.4	43.2	35.8	(40%)	(17.1)
EPS	4.65 6.65	7.69	6.37	(40%)	(3.04)

	Segment EBITDA 2020	2020 Margin	2019 Margin
B 2 C	29.6	29%	26%
B2B E-Recruiting	102.6	67%	66%
B2B Marketing Solutions & Events	4.9	24%	36%
kununu International	0.0
Tech, Central Services & Other	(49.4)
Total EBITDA	€87.6m	32%	32%

	2020	2019	2020 vs. 2019	2020 vs. 2019
	Abs.	Abs.	Rel.	Abs.
EBITDA	87.6	87.5	0%	0.2
Interest / tax / other	(12.5)	(9.5)	(32%)	(3.0)
Change in net working capital	6.1	10.1	(40%)	(4.0)
Non-cash changes from changes in basis of consolidation	0.0	(5.2)	100%	5.2
$\blacktriangle$ Discontinued operations	(0.3)	(3.2)	91%	2.9
Operating cash flow excl. organiser cash & incl. discontinued operations	81.0	79.7	2%	1.2
Investment $-$ operating	(32.9)	(35.3)	7%	2.4
Investment $-$ acquisitions & joint venture	(0.7)	(25.2)	97%	24.5
Investment - financial assets	0.0	0.0		0.0
Interests paid, lease liabilities, FX rate diff. & rest	(6.4)	(5.6)	(14%)	(0.8)
▲ Discontinued operations	(0.1)	(0.2)	30%	0.1
Cash flow excl. dividends & organiser cash & incl. discontinued operations	40.8	13.4	204%	27.4
Regular dividend	(14.6)	(12.0)	(21%)	(2.5)
Special dividend	0.0	(20.0)	100%	20.0
Cash flow excl. organiser cash & incl. discontinued operations	26.3	(18.6)	241%	44.9
Effects organiser cash	(1.2)	0.8	(255%)	(1.9)
Cash flow incl. organiser cash & incl. discontinued operations	25.1	(17.8)	241%	42.9

Pro-forma
	Q4 2020	Q4 2019 *	Q4 2020 vs. Q4 2019	Q3 2020	Q4 2020 vs. Q3 2020
	Abs.**	Abs.**	Rel.	Abs.	Rel.
Service revenues	71.6	73.1 73.2	(2%)	68.7	4%
Other operating income	0.5	0.3	59%	0.5	(2%)
Capitalised own work	4.9	5.6	(12%)	4.9	(1%)
Costs before capitalisation	(51.6 (52.2)	(57.4) (56.6)	9%	(50.4)	(2%) (47.7)
EBITDA	25.4 24.8	22.4 21.7	13%	23.7	7% 26.4
Margin	35%	31% 30%	5%pts	34%	38% 1%pt
D&A	(16.3) (27.9	(13.4)	(109%)	(7.3)	(283%)
Financial result	(0.1) 0.7	(0.3) 4.9	(85%)	0.2	222% (0.1)
Taxes	(3.3) (3.5)	(1.6) (1.8)	(98%)	(4.4)	(5.2) 20%
Net income	(5.4) 5.1	12.2 6.4	(144% )	12.2	13.8 (144% )
EPS	(0.95) 0.92	2.17 1.13	(144% )	2.17	(144% ) 2.46

NEW	WORK

25.4	21.7	3.6	23.7	1.7
(4.7)	(1.1)	(3.6)	(2.1)	(2.6)
(5.2)	(4.2)	(1.0)	(0.1)	(5.1)
0.0	(0.8)	0.8	0.0	0.0
15.5	15.6	(0.1)	21.5	(6.0)
(7.8)	(9.0)	1.2	(6.6)	(1.2)
0.0	0.0	0.0	0.0	0.0
0.0	0.0	0.0	0.0	0.0
(1.5)	(2.0)	0.5	(1.8)	0.3
0.0	0.0	0.0	0.0	0.0
6.2	4.6	1.6	13.0	(6.8)
(1.0)	(3.5)	2.5	2.0	(3.0)
5.2	1.1	4.1	15.0	(9.8)

	$2020*$	$2019**$
Pro-Forma net income	€ 35.8 $m$	€ 36.4 $m$
#Shares (weighted)	5.6m	5.6m
Pro-forma earnings per share	€ 6.37	€ 6.47
Regular dividend per share	€ 2.59	€ 2.59

	2020 reported	IFRS 5 effects from discontinued operations	Changes in the bases of consolidation	Impairment of goodwill	Changes in earn-out liabilities	Remeasurem ent of non- operating financial instruments	Restructuring expenses	2020 Pro-Forma	2019 Pro-Forma	2020 Pro- Forma vs. 2019 Pro- Forma
	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Rel.
Service revenues	276.5	0.1	(0.6)					276.0	269.5	2%
Other operating income	2.0		0.0					2.0	2.6	(24%)
Other own work capitalized	23.6							23.6	24.9	(5%)
Personnel expenses	(141.9)	(0.3)	1.6				3.1	(137.5)	(127.9)	8%
Marketing expenses	(29.0)	0.0	0.3					(28.7)	(34.7)	(17%)
Other operating expenses	(40.0)	(0.1)	0.4				0.1	(39.5)	(47.8)	(17%)
Impairment losses on financial assets and contract assets	(3.6)							(3.6)	(2.1)	74%
EBITDA	87.6	(0.3)	1.7				3.2	92.3	84.7	9%
D&A	(56.1)	0.3	0.4	17.4				(37.9)	(33.0)	15%
Financial result	9.3	0.0	0.2		(9.8)	(0.1)		(0.5)	(1.3)	(61%)
Taxes	(14.7)	0.0	(0.8)			0.0	(1.0)	(16.5)	(14.6)	13%
Net income	26.1	0.0	1.6	17.4	(9.8)	(0.1)	2.2	37.4	35.8	4%
EPS	4.65	0.0	0.28	3.10	(1.75)	(0.02)	0.39	6.65	6.37	4%

CONSENSUS, INVESTOR INFORMATION & CONTACT DETAILS

Consensus collected by IR	2020e	2021e	2022e
Service revenues	276	286	310
EBITDA	84	89	99
Margin	30%	31%	32%
D&A	(35)	(35)	(35)
EBIT	47	54	63
Margin	17%	19%	20%
Net income	37	36	42
EPS in $\epsilon$	6.76	6.64	7.95
DPS in $\epsilon$	2.70	3.08	3.52
Another to an interval			Berenberg, Deutsche Bank, الموجبية والكبيد المنبولا

Analyst coverage	Hauck & Aufhäuser MM Warburg, Pareto Securities
Shares	5,620,435