New Work SE

Investor Presentation • May 3, 2019

Q1 2019 - Results Presentation

Hamburg, May 3rd 2019

Executive Summary - a very good start into 2019

Financials

• · Service revenues: +18%
• EBITDA +20% 0
• •

Operations

• B2C: XING platform adding 531k members / InterNations adding 134k members
• B2B E-Recruiting: Subscription customers up by 37%
• · Continuing strong product execution and high innovation speed

Revenues, EBITDA & Operating CF growing strongly

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Strong net member growth @ XING & InterNations

Member growth D-A-CH - in 000s -

Members + users D-A-CH - in m -

Organic Q1 payer growth @XING D-A-CH w/ 6k and 3k worldwide net payer adds @InterNations.org

Paying members D-A-CH - in 000s -

" Organic payer growth +6.3k; a change in payer analysis methodology leads to one time payer base increase in D-A-Ch by 8.3k as of Jan 1º-2019

Rounding differences possible

Sustained strong growth in with >3k (+37% yoy) net new B2B E-Recruiting subscription customers

B2C: high innovation speed and product execution and a successful New Work experience flagship conference

"Around You"

Relaunch "XING Campus"

Tipps & Tricks für deine Bewerbung

New Work Experience

B2B E-Recruiting: M&A, high innovation speed and product execution

Honeypot acquisition

Messenger optimization for recruiters

Labour market compass

B2B Marketing Solutions & Events: High innovation speed and product execution

Soft launch of "Brand Studio"

XING K Brand Studio 3. Concept 1. Goals 2. Analysis nd Stud

2 2 4 - 2 2 - 2 - 16

Local XING Pulse event series

Relaunch Ambassador program

Q1 2019 Financial Results

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Q1 Financials

• Ongoing strong member growth @XING & InterNations
• Continued strong organic revenue growth at w/18% yoy*
• EBITDA of € 17.7m o
• ·

From 2019 on new P&L structure to further increase transparency

New P&L structure: more transparency and change in kununu integration in group P&L

P&L	Q1 2018 (old)	Q1 2018 (new)		Comment
Service revenues	53.0	53.0		No change
Other operating income	1.0	0.7	(0.3)	Minor consequential change
Total revenues	54.0			Eliminated
Capitalized own work (NEW)		7.0	7.0	Key structural change
Personnel expenses	(20.0)	(24.1)	(4.1)	Major consequential change
Marketing expenses	(8.2)	(8.2)		No change
Other operating expenses	(11.0)	(13.6)	(2.6)	Major consequential change
EBITDA	14.8	14.8		No change
Margin	27 (in % of total revenues)	28 (in % of service revenues)		Consequential change
Depreciation	(4.7)	(4.7)		No change
Financial result	(0.8)	(0.8)		No change
EBT	9.3	9.3		No change
Taxes	(3.2)	(3.2)		No change
Net income	6.1	6.1		No change

kununu US now fully consolidated as of Jan 31粒 2019 instead of at equity in financial result

Q1 2019 P&L: € 62.6 revenues; € 17.7 m EBITDA and including several special items

	Q1 2019*	Q1 2018	Q1 2019 vs. Q1 2018	Q4 2018	Q1 2019 vs. Q4 2018
	Abs.	Abs.	Rel.	Abs.	Rel.
Service revenues	62.6	53.0	18%	64.3	(3%)
Other operating income	4.8	0.7	600%	0.6	723%
Capitalized own work	5.6	7.0	(19%)	5.1	11%
Costs before capitalization	(55.4)	(45.9)	21%	(48.1)	15%
EBITDA	17.7	14.8	20%	21.9	(19%)
Margin	28%	28%	0%pt	34%	(6%pts)
D&A	(5.9)	(4.7)	25%	(12.7)	(53%)
Financial result	1.0	(0.8)	N/A	(0.4)	N/A
Taxes	(3.9)	(3.2)	25%	(2.2)	76%
Net income	8.9	6.1	45%	6.5	37%
EbS	1.58	1.09	45%	1.16	37%

• New headquarter: Other operating income +€ 3.8m; Cost (€ 2.9m); positive effect of € 0.9m will be used for project cost in 2019

• Cost front-loading in Q1: ~ (€ 1m) mostly in other operating expenses
• Full consolidation of kununu: Q1 EBITDA impact (€ 0.2m)
• · Financial result: Non-operating one-time, non-cash xo effect of +€ 1.3m from 1st time consolidation

Increasing margins in B2B; Investments in future growth impact margins in B2C

	Segment EBITDA	Q1 19 Margin	Q1 18 Margin	C Comment
B2C	7.5	29%	41%	Investments in new products
B2B E-Recruiting	21.6	70%	66%
B2B Advertising & Events	1.8	30%	27%
kununu International	(0.2)	N/A	N/A
Tech, Central Services & Other	(13.0)	N/A	N/A
Total EBITDA	€ 17.7	28%	28%

• B2C investments drive also monetization basis for B2B
• B2B margins reflecting "by-product economics"

* EBITDA includes a minor positive one-time effect of € 0.9m related to the conclusion of a new office lease agreement

Q1 2019: B2B E-Recruiting driving growth w/31% yoy

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Q1 2019: Cost development (before capitalization) reflects investments in future growth and some special items

New reporting structure since Jan 15t 2019; 2018 values adjusted retroactively

** Other expenses negatively impacted by € 2.9m related to the conclusion of a new office lease contract

Q1 2019: Strong operating cash flow of € 28.8

	Q1 2019	Q1 2018	Q1 2019 vs. Q1 2018	Q4 2018	Q1 2019 vs. Q4 2018
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	17.7	14.8	2.9	21.9	(4.2)
Interest / tax / other	(2.3)	(2.8)	0.6	(1.9)	(0.4)
Change in net working capital	17.1	13.1	4.0	(5.4)	22.5
Non-cash changes from changes in basis of consolidation	(3.8)	0.0	(3.8)	0.0	(3.8)
Operating cash flow excl. organiser cash	28.8	25.1	3.7	14.6	14.2
Investment - operating	(8.0)	(8.4)	(0.5)	(7.1)	(0.8)
Investment – acquisitions & joint venture	(2.5)	(1.2)	(1.3)	(1.0)	(1.5)
Investment – financial assets	0.0	0.0	0.0	0.0	0.0
Interests paid, FX rate diff. & lease liabilities	(1.2)	(0.8)	(0.4)	(0.8)	(0.4)
Cash-flow excl. dividends & organiser cash	17.1	14.6	2.5	5.6	11.5
Effects organiser cash	2.8	1.6	1.2	(2.4)	5.2
Cash-flow incl. organiser cash	19.9	16.1	3.8	3.2	16.7

Rounding differences possible

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Thank you for your attention.

Backup

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24 Negative invested capital from shareholders' perspective

Consensus, investor information & contact details

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XING SE IR stats

Consensus collected by XING IR	2019e	2020e	2021e
Service revenues	278.0	315.0	349.0
EBITDA	87.7	104.6	121.2
Margin	32%	33%	35%
D&A	(30.5)	(34.1)	(37.6)
EBIT	57.2	70.6	83.6
Margin	21%	22%	24%
Net income	37.9	47.9	55.7
EPS in €	6.80	8.50	9.84
DPS in €	2.56	3.11	3.58

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 €m)

Burda Digital GmbH (DE)	50.26 %
Oppenheimer (US)	5.04 %
Wasatch Advisors	3.02 %
Rest	41.68 %

Numbers based on last filing – actual shareholdings can differ

XING share price development since IPO

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Investor Relations contact details & social media channels

PATRICK MOELLER

Director Investor Relations

XING SE Dammtorstrasse 30 20354 Hamburg Germany

Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44 (Please use this number to submit "WpHG notifications")

E-mail: patrick.moeller@XING.com

http://twitter.com/XING_ir	Ewitter
http://www.slideshare.net/patmoeller	slideshare
http://www.youtube.com/XINGcom	YOU Broadcast Yourselt
http://blog.XING.com	net.work.xing "agar XING"
skype:patrickmoeller?add

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