New Work SE

Investor Presentation • Nov 6, 2017

XING Q3 2017 Results Presentation

Hamburg, November 6, 2017

XING growing strongly in Q3 2017

Strong financial results

• Revenue +28% (22% excl. M&A)
• $EBITDA +27%$ $\bullet$
• Net income $+25%$

Operating KPIs fully on track

• 499k net new members $\bullet$
• 14k net new paying members in D-A-CH

Full year EBITDA guidance now € 58-59m

Strong financial performance Revenue +28%^*; EBITDA +27%; Net income +25%

Q3'17: Another strong quarter w/ 499k net adds Crossing 13m platform members in October 2017

Development of XING member growth In 000s

Q3'17: 14k net payer adds ARPU continues to grow

*Change in reporting method in connection with change of payment provider leads to ~10k payer base step increase as of Jan 1, 2017

New B2C Executive membership strengthening local communities & XINGs offline presence

XING Executives				What Executives say
Self-development	Networking among peers	Self-positioning	Career advancement	"Another circle? Yes, but this is one with peers on eye level. Here you get
Self-development via experience exchange with peers as alternative to	Be part of top 1% in an exclusive club & build up exclusive network & powerful	Position yourself externally as verified executive & position yourself vs. peers (via	Maximize career chances by positioning yourself vs. executive	answers and thought leadership." Pierre Andre Schneider, Head of Corporate Development & Strategy, Nordex SE
executive training & coaching	contacts with other senior executives / peers	benchmarking)	headhunter & recruiters and by being found by them	"XING Executive provides people from different backgrounds with the
Offline circle membership: 3,600 $\notin$ p.A:			Below surface to avoid negative self-selection (no ProJobs for Executives)	opportunity to assess professional challenges collaboratively from various angles."
				Franz von Stauffenberg, Geschäftsführer SIG SAUER GmbH & Co. KG
				Online member-
Primarily offline		Primarily online		ship to be launched soon

XING launched new TalentPool Manager Further enrichment of XING E-Recruiting suite

Pools prefilled automatically

Stay in touch easily

The right time to approach

			IT Architect $\cdots$	PHP Entwickler
	XING X E-Recruiting		Ruby muss er können!
	TalentpoolManager	Automatic Talent Pools > Company Followers > Candidates
$\sum$	Dashboard	Swisscom: Company Followers	I m High demand	I ■ High demand $\checkmark$
	Pools	Candidates (12.496) Activity Statistics	COLLEGE 8 Kandidaten	Ca 2 Kandidaten
	Messages		1 August um 10:25 $ \Psi\rangle$	31 Juli um 09:14
Q	Search	Q Hide filters $\sim$ Keywords	50 results
₩	Administration	Job Title $\checkmark$ Haves $\checkmark$	Location: Hamburg $\mathbf{1}$ $\checkmark$
		John Parker PREMIUM Tax Consultant Jun 2016 - Dec 2016 (5 months) Delite UK Hamburg, Germany Willingness to change jobs ≡	Q Search $\sqrt{ }$ Hamburg (50) Recently used	i to project *** Q230 40
		Jennifer Pitt PREMIUM Freelance Media Designer Jun 2015 - May 2017 (23 months) Pitt Design Hamburg, Germany	Berlin (234) $\Box$ Lisbon (234) $\Box$ London (234)	i to project ***
		Willigness to change jobs ≡	$\Box$ Paris (234)	$\sqrt{2}$ 100 40
		Martin Davies PREMIUM Junior Marketing Manager Jan 2015 - present (29 months) Sirius Cybernetics Corporation Hamburg, Germany		Add to project 0.0.0
		Wechselmotivation ≡	$Q$ 230 $\blacksquare$ 20	$\sqrt{2}$ 100 $\approx 40$
く	Collapse	Keith Bale PREMIUM Recruiter Jun 2016 - Dec 2016 (5 months)		Add to project 0.0.0

Automatische Pools

Eigene Pools

Team-Pools

Q3 2017 Financial Results

Q3 financials

• Ongoing strong quarterly member growth w/ 499k net adds $\bullet$
• Revenue growth at 28% yoy, organic growth strong w/ 22% $\bullet$
• EBITDA growing 27% to € 16.4m $\bullet$
• Strong operating cash-flow w/ $\epsilon$ 16.9m $\bullet$
• Improved EBITDA outlook to €58-59m $\bullet$

Q3 2017 P&L: € 48.3m revenues; € 16.4m EBITDA

	Q3 2017	Q3 2016	Q3 2017 vs. Q3 2016	Q2 2017	Q3 2017 vs. Q2 2017
	Abs.	Abs.	Rel.	Abs.	Rel.
Total revenue 1	48.3	37.8	28%	43.9	10%
Costs	(31.9)	(24.8)	(28%)	(28.6)	(11%)
EBITDA	16.4	12.9	27%	15.3	7%
Margin	34%	34%	0%pts	35%	(1%pt)
D&A	(3.6)	(2.5)	(42%)	(3.1)	(14%)
Financial result	(0.1)	(0.1)	(34%)	$0.5*$	N/A
At equity consolidated companies (JV)	(0.8)	(0.9)	(11%)	(0.9)	(13%)
Taxes	(4.0)	(3.0)	(34%)	(3.8)	(5%)
Net result	8.0	6.4	24%	8.0	0%
EPS	1.42	1.14	26%	1.42	0%

Rounding differences are possible
* Positive one time effect due to release of earn-out-provisions of 0.6m

Q3 2017: EBITDA contribution by segment

	Segment EBITDA	Q3 17 Margin	Q3 16 Margin
B 2 C	€ 12.0m	51%	53%
B2B E-Recruiting	€ 12.9m	64%	65%
B2B Advertising & Events	€ 1.0 $m$	25%	13%
(Kununu) International	$(\epsilon 0.0m)$	(15%)	23%
Tech, Central Services & Other	$(\epsilon 9.5m)$	N/A	N/A
Total EBITDA	€ 16.4 $m$	34%	34%

Rounding differences are possible

Q3 2017: E-Recruiting revenue growing >40%

Rounding differences are possible

Q3 2017: Cost development

Q3 2017: Operating cash flow of € 16.9m

	Q3 2017	Q3 2016	Q3 2017 vs. Q3 2016	Q2 2017	Q3 2017 vs. Q2 2017
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	16.4	12.9	3.5	15.3	1.1
Interest / tax / ESOP / earn-out accruals / other	(2.1)	(1.4)	(0.7)	(1.8)	(0.4)
Change in net working capital	6.7	0.0	6.7	(0.9)	7.6
Non-cash changes from changes in basis of consolidation	(4.2)	0.0	(4.2)	0.0	(4.2)
Operating cash flow excl. organizer cash	16.9	11.5	5.4	12.7	4.2
Investment - operating	(9.2)	(4.3)	(4.9)	(7.0)	(2.2)
Investment $-$ acquisitions & joint venture	(25.4)	0.0	(25.4)	0.0	(25.4)
Interests paid & exchange rate differences	(0.0)	(0.1)	(0.0)	(0.0)	(0.0)
Cash flow excl. dividends & organizer cash	(17.8)	7.2	(25.0)	5.6	(23.5)
Regular dividend	0.0	0.0	0.0	(7.7)	7.7
Special dividend	0.0	0.0	0.0	(9.0)	9.0
Cash flow excl. organizer cash	(17.8)	7.2	(25.0)	(11.1)	(6.8)
Effects organizer cash	1.5	2.0	(0.5)	(3.6)	5.1
Cash flow incl. organizer cash	(16.3)	9.2	(25.5)	(14.6)	(1.7)

Thank you for your attention.

Backup

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Negative invested capital from shareholders' perspective

Consensus, investor information & contact details

XING AG IR stats

Consensus from 6 brokers collected by XING IR	2017e	2018e	2019e	2020e
Total revenues	175	205	239	269
EBITDA	57	70	85	99
Margin	33%	34%	36%	37%
D&A	$-12$	$-13$	$-16$	$-19$
EBIT	45	57	70	80
Margin	26%	28%	29%	30%
Net income	29	37	47	55
EPS in $\epsilon$	5.12	6.85	8.59	10.21
DPS in $\epsilon$	1.95	2.52	2.62	2.87

Analyst coverage	Berenberg Bank, Commerzbank, Deutsche Bank, Equinet, Hauck & Aufhäuser, MM Warburg, Oddo Seydler
Shares	5,620,435

Average trading volume per day (XETRA) & Market Cap (in $\epsilon$ m)

Burda Digital GmbH (DE)	50.26%
Deutsche Asset & Wealth Mngt. (DE)	4.95%
Oppenheimer (US)	5.04%
State of Norway (NOR)	3.21%
Wasatch Advisors (US)	3.02%
Rest	33.52%

Numbers based on last filing - actual shareholdings can differ

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")

Email: patrick.moeller@XING.com

http://twitter.com/XING_ir	Lwitter
http://www.slideshare.net/patmoeller	slideshare
http://www.youtube.com/XINGcom	You T Broadcast Yoursel
http://blog.XING.com	net.work.xing
skype:patrickmoeller?add

XING

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