New Work SE

Investor Presentation • Nov 5, 2020

Q3 2020

Results Presentation

HAMBURG, 5 NOVEMBER 2020

DISCLAIMER

This presentation was produced in November 2020 by NEW WORK SE (the "Company") solely for use as an information source for potential business partners and is strictly confidential. It has been made available to you solely for your own information and may not be copied, distributed or otherwise made available to any other person by any recipient. This presentation is not an offer for sale of securities in the United States. The distribution of this presentation to you does not constitute an offer or invitation to subscribe for, or purchase, any shares of the XING SE and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

The facts and information contained herein are as up-to-date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors or any other person shall have any liability whatsoever for any loss arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation.

While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements are generally identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

This presentation speaks as of September 2020. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

IMPORTANT NOTICE

Pro-forma results

Results contained in this presentation are partly based on unaudited pro-forma financial results that the Company derived from its preliminary and past financial statements for the indicated periods in order to make these periods comparable and show non-recurring costs.

Cautionary note regarding preliminary results and pro-forma financial results

This presentation contains preliminary results and pro-forma results. The preliminary results may change during their final review. While the Company believes that its pro-forma financial results are reflective of its recurrent trends and the on-going status of its business, there can be no assurance that its pro-forma results will accurately reflect these trends and status and therefore, its investors are urged not to rely solely upon the pro-forma results when making their investing decision and the pro-forma results should always be reviewed together with its actual financial results.

EXECUTIVE SUMMARY Q3 2020

• Group revenues on PY level & Pro-Forma $\bullet$ EBITDA up yoy
• B2C revenue flat yoy, whereas members & $\ddot{\phantom{0}}$ content (workplace insights) deliver doubledigit growth
• B2B E-Recruiting continues to show negative $\bullet$ COVID-19 impact, but still growing yoy
• New CSO Frank Hassler joined on 1 Nov, 2020 $\bullet$
• We confirm our outlook from May 2020: $\bullet$
• Revenue target: €275-285m
• EBITDA margin target: ~ 30%

FRANK HASSLER CSO SINCE 1 NOV, 2020

CEO of censhare AG $2019 - 2020$

Managing Director, XING E-Recruiting 2016-2019

Senior Vice President, XING E-Recruiting $2012 - 2016$

Partner / Entrepreneur Engineering-returns.com $2009 - 2012$

Director Solution Management, SAP $2005 - 2009$

Director Product Management / Marketing, Microsoft Germany GmbH $2002 - 2005$

Director Navision Technology, Navision 1997 - 2002

STABLE REVENUES; PRO-FORMA EBITDA UP DUE TO COST PHASING

NEW WORK SE | Q3 2020 RESULTS PRESENTATION

B2C MEMBER BASE AND WORKPLACE INSIGHTS CONTINUE TO DELIVER DOUBLE-DIGIT GROWTH

Workplace insights Hununu³ in 000s*

B2B CUSTOMER BASE STABLE SINCE ONSET OF CORONAVIRUS CRISIS

* Excl. Honeypot

NO "LOCKDOWN" FOR PRODUCT INNOVATION

B₂C

• Launch of content format "shaping future"
• New Corona related format "Lessons learned" -C level manager interviews
• NWX HR special @ virtual "Zukunft $\bullet$ Personal / Future of HR" fair

B2B E-Recruiting

Launch of new XING TalentService (XTS)

We help companies with limited resources find the right talent by providing shortlists of max 7 candidates to HR teams

B2B Marketing Solutions & Events

Marketing Solutions: $\bullet$ Launch of self-booking video ads through AdManager

Fvents: Successfully acquired new flagship customer "Bits & Pretzels" conference

Q3 2020 FINANCIAL HIGHLIGHTS

• XING MEMBERS & KUNUNU WORKPLACE INSIGHTS WITH DOUBLE-DIGIT GROWTH $\bullet$ .
• REVENUES STABLE W/ +1% TO $\epsilon$ 68.7M YOY $\langle \bullet \rangle$
• REPORTED EBITDA IMPACTED BY XO EFFECTS, PRO-FORMA EBITDA +9% YOY $\bullet$
• OPERATING CASH FLOW OF € 21.5M $\bullet$ .
• FY OUTLOOK FROM MAY CONFIRMED $\bullet$ .
• Revenues € 275-285m $\equiv$
• EBITDA margin ~30%

Q3 2020: REVENUES +1% YOY; PRO FORMA EBITDA +9% YOY

* Distorted by xo effects. See pro-forma P&Ls in Backup

Pro-forma

NEW
WORK

Q3: SEGMENT PROFITABILITY IMPACTED BY RESTRUCTURING COSTS

	Segment EBITDA Q3 2020	Q3 2020 Margin	Q3 2019 Margin	▲ Comment
B 2 C	6.2	24%	34%	• Over proportionally impacted by restructuring
B2B E-Recruiting	25.8	67%	67%	• Impacted by restructuring
B2B Marketing Solutions & Events	0.4	10%	30%	• Strongest negative COVID-19 effects • Impacted by restructuring
kununu International	0.0	N/A	Neg
Tech, Central Services & Other	(8.7)	Neg	Neg
Total EBITDA	23.7	34%	36%

*EBITDA Margin = EBITDA / Service Revenue

NEW WORK SE | Q3 2020 RESULTS PRESENTATION

Rounding differences possible

Q3 2020: B2C SLIGHTLY DOWN DUE TO COVID-19 EFFECTS AT INTERNATIONS; B2B SEGMENTS NEGATIVELY IMPACTED BY COVID-19 AS WFLL

Service revenues in $\notin$ m

Q3 2020 COST DEVELOPMENT

• Other

Q3 2020: OPERATING CASH FLOW OF € 21.5M

	Q3 2020	Q3 2019	Q3 2020 vs. Q3 2019	Q2 2020	Q3 2020 vs. Q2 2020
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	23.7	24.2	(0.6)	22.3	1.3
Interest / $tax$ / other	(2.1)	(3.6)	1.5	(3.7)	1.6
Change in net working capital	(0.1)	(2.4)	2.2	(7.0)	6.8
Non-cash changes from changes in basis of consolidation	0.0	0.0	0.0	0.0	0.0
Operating cash flow excl. organiser cash	21.5	18.3	$+3.2$	11.6	9.8
Investment $-$ operating	(6.6)	(9.4)	2.8	(9.5)	2.9
Investment $-$ acquisitions & joint venture	0.0	(0.2)	0.2	(0.7)	0.7
Investment - financial assets	0.0	(0.0)	0.0	0.0	0.0
Interests paid, lease liabilities, FX rate diff. & rest	(1.9)	(1.1)	(0.7)	(1.6)	(0.2)
Cash flow excl. dividends & organiser cash	13.0	7.6	5.4	(0.1)	13.2
Regular dividend	0.0	0.0	0.0	(14.6)	14.6
Special dividend	0.0	0.0	0.0	0.0	0.0
Cash flow excl. organiser cash	13.0	7.6	5.4	(14.7)	27.7
Effects organiser cash	2.0	2.5	(0.5)	(1.5)	3.5
Cash flow incl. organiser cash	15.0	10.1	5.0	(16.2)	31.2

THANK YOU FOR YOUR ATTENTION.

NEW WORK SE | Q3 2020 RESULTS PRESENTATION

Q3 2020 PRO-FORMA P&L: PRO FORMA EBITDA UP 9% YOY

	Q3 2020 reported	Earn-Out adjustments M&A Transactions	IFRS changes in value of financial assets	Restructuring charges & other one- time effects	Q3 2020 Pro-Forma	Q3 2019 Pro-Forma	Q3 2020 Pro- Forma vs. Q3 2019 Pro- Forma
	Abs.	Abs.	Abs.	Abs.	Abs.	Abs.	Rel.
Service revenues	68.7				68.7	68.2	1%
Other operating income	0.5				0.5	0.7	(28%)
EBITDA	23.7			2.7	26.4	24.2	9%
D&A	(7.3)				(7.3)	(7.0)	(4% )
Financial result	0.2		(0.3)		(0.1)	(0.3)	78%
Taxes	(4.4)		0.1	(0.9)	(5.2)	(7.3)	29%
Net income	12.2		(0.2)	1.8	13.8	9.6	44%
EPS	2.17		(0.04)	0.33	2.46	1.71	44%

Q2 2020 PRO-FORMA P&L: 2% EBITDA GROWTH VS PRO-FORMA Q2 2020

	Q2 2020 reported	Earn-Out adjustments M&A Transactions	IFRS changes in value of financial assets	Q2 2020 Pro-Forma	Q2 2019 Pro-Forma	Q2 2020 Pro- Forma vs. Q1 2019 Pro-Forma
	Abs.	Abs.	Abs.	Abs.	Abs.	Rel.
Service revenues	67.5			67.5	65.5	3.0%
Other operating income	0.4			0.4	0.6	(25%)
EBITDA	22.3			22.3	22.0	1.7%
D&A	(8.2)			(8.2)	(6.7)	(23.6%)
Financial result	2.8	(1.9)	(1.1)	(0.2)	(0.3)	30.5%
Taxes	(4.8)		0.3	(4.4)	(4.9)	9.9%
Net income	12.1	(1.9)	(0.7)	9.4	10.0	$(6.1\%)$
EPS	2.15	(0.34)	(0.13)	1.68	1.79	$(6.1\%)$

Q2 2020 adjusted for changes in earn-out provisions and IFRS changes in value of financial assets $\bullet$

Q2 2019 adjusted for IFRS changes in value of financial assets & changes in earn-out provisions $\bullet$

NEGATIVE INVESTED CAPITAL FROM SHAREHOLDERS' PERSPECTIVE Excl. event organiser cash and NWC in $\epsilon$ m

CONSENSUS, INVESTOR INFORMATION & CONTACT DETAILS

NEW WORK SE | Q3 2020 RESULTS PRESENTATION

NEW WORK SE CONSENSUS & IR STATS

Consensus collected by IR	2020e	2021e	2022e
Service revenues	276	293	325
EBITDA	84	91	103
Margin	30%	31%	32%
D&A	(38)	(35)	(35)
EBIT	46	56	68
Margin	17%	19%	21%
Net income	34	37	45
EPS in $\epsilon$	6.02	6.63	8.09
DPS in $\epsilon$	2.86	3.25	3.84

Analyst coverage	Berenberg, Commerzbank, Deutsche Bank, Hauck & Aufhäuser, MM Warburg, Pareto Securities
Shares	5,620,435

Average trading volume per day (XETRA) & market cap (in €bn)

Burda Digital SE (DE)	50.0 %
Oppenheimer (US)	4.7 %
DWS (DE)	3.1%
Allianz Global Investors (DE)	3.0%
Kayne Anderson Rudnick (US)	3.0%
Mawer (CAN)	3.0 %
Rest	33.2 %

Numbers based on last filing - current shareholdings can differ

INVESTOR RELATIONS CONTACT DETAILS & SOCIAL MEDIA CHANNELS

Patrick Moeller

Director Investor Relations NEW WORK SE Dammtorstrasse 30 20354 Hamburg Germany

Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44

E-mail: patrick.moeller@new-work.se