New Work SE

Earnings Release • May 3, 2017

XING Q1 2017 Results

Hamburg, May 3, 2017

Executive Summary - yet another strong quarter

Financial KPIs

• Revenue +23%
• EBITDA +15% $\bullet$
• Operating cash flow +52% $\bullet$

Operating KPIs

• 567k net new members
• 27k* net new paying members $\bullet$ .
• Executing mission & vision (NWX, Marketing Campaign & New messenger) $\bullet$

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

Strong financial performance Revenue +23%; EBITDA +15%; Operating cash flow +52%

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XING crossed 12m platform-member mark in Q1 567k net member adds - yet another growth record

Continuing strong payer growth in B2C segment 27k* net payer adds

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

XING takes discussion about the future of work to the next level... New Work Experience Berlin 2017

Further strengthened our positioning "Actually"-campaign driving awareness and growth

Eigentlich wolltest du dein Home zum Office machen. Nicht andersrum.

XING^X

Mach Schluss mit Eigentlich!

Jetzt Jobsuche starten:

xing.com/Stellenmarkt

XING Eigentlich wolltest Du Dich doch vorher Mach Schluss mit Eigentlic um den Job nach dem Studium kümmern.

Driving user engagement New XING messenger successfully launched for web & mobile

* Compared to 12 month average prior to launch

Q1 2017 Financial Results

Fully on track to achieve 2017 goals Q1 2017 P&L: €42.2m revenues; €12.0m EBITDA

	Q1 2017	Q1 2016	Q1 2017 vs. Q1 2016	Target 2017	Status
	Abs.	Abs.	Rel.	Rel.
Total revenue 1	42.2	34.3	23%	$~20\%$	Fully on track
Costs	(30.2)	(23.8)	(27%)
EBITDA	12.0	10.4	15%	~57m	Fully on track
Margin	28%	30%	$(2\%pts)$
D&A	(2.9)	(2.2)	(30%)
Financial result	(0.1)	(0.0)	353%
Kununu US Joint venture	(1.27)	(0.1)	1119%
Taxes	(2.6)	(2.7)	(5%)
Net result	5.1	5.3	(4% )
EPS	0.91	0.95	(4% )

Rounding differences are possible

Q1 2017: EBITDA contribution by segment

	Segment EBITDA	Q1 17 Margin	Q1 16 Margin	Comment
B 2 C	€ 10.7 $m$	52%	53%	Yoy % higher marketing
B2B E-Recruiting	€ 11.9m	69%	71%	Yoy % higher marketing & personnel
B2B Advertising & Events	$\epsilon$ 0.8m	23%	14%
Kununu International	€0.0m	14%	Neg
Tech, Central Services & Other	(€ 11.5m)	Neg	Neg	Yoy % higher marketing (NWX)
Total EBITDA	€ 12.0 $m$	28%	30%

Q1 2017: All core segments growing double-digit

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Q1 2017: Cost development

Q1 2017: Operating cash flow of € 19.6m

	Q1 2017	Q1 2016	Q1 2017 vs. Q1 2016	Q4 2016	Q1 2017 vs. Q4 2016
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	12.0	10.4	1.5	12.2	(0.2)
Interest / tax / ESOP	(2.0)	(1.4)	(0.7)	(2.7)	0.6
Change in net working capital	9.6	3.8	5.8	1.2	8.4
Operating cash flow excl. organizer cash	19.6	12.9	6.7	10.7	8.9
Investment - operating	(6.9)	(5.0)	(2.0)	(9.6)	2.7
Investment $-$ acquisitions & joint venture	(4.0)	(2.7)	(1.3)	0.0	(4.0)
Investment - financial assets	(30.0)	0.0	(30.0)	0.0	(30.0)
Interests paid & exchange rate differences	(0.0)	(0.0)	(0.0)	0.0	(0.0)
Free cash flow excl. dividends & organizer cash	(21.3)	5.2	(26.5)	1.1	(22.4)
Regular dividend	0.0	0.0	0.0	0.0	0.0
Special dividend	0.0	0.0	0.0	0.0	0.0
Free cash flow excl. organizer cash	(21.3)	5.2	(26.5)	1.1	(22.4)
Effects organizer cash	5.2	1.8	3.5	(3.1)	8.3
Free cash flow incl. organizer cash	(16.1)	6.9	(23.0)	(2.0)	(14.1)

Thank you for your attention.

Backup

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$\boldsymbol{\chi}$ Negative invested capital from shareholders' perspective

Consensus, investor information & contact details

XING AG IR stats Market cap: ~€ 1bn / >€ 80m cash / no debt

Consensus from 10 brokers collected by XING IR	2017e 2018e	Average trading volume per day (XETRA) & Market Cap (in $\epsilon$ m)
Total revenues EBITDA Margin D&A EBIT Margin	172 201 57 69 33% 35% (12) (14) 56 45 26% 28%	1.090 1.051 1.01 986 1.042 1.004 1.015 906 1.015 986 960 928 13646 9825 8793 6995 6610 6419
Net income EPS in $\epsilon$ DPS in $\epsilon$	37 29 5.15 6.56 2.70 3.20	5795 5570 5596 5350 4462 4225 3497 141116
Analyst coverage	Berenberg Bank, Commerzbank, Deutsche Bank, Goldman Sachs, Hauck & Aufhäuser, Jefferies, MM Warburg, Oddo Seydler	Burda Digital GmbH (DE) 50.26% Deutsche Asset & Wealth Mngt. (DE) 4.95% Oppenheimer (US) 5.04%
Shares	5,620,435	Union Investment (DE) 4.98% Wasatch Advisors (US) 3.02% 31.75% Rest

Numbers based on last filing - actual shareholdings can differ

XING share price development since IPO

Investor Relations contact details & social media channels

PATRICK MOELLER

Director Investor Relations

XING AG Dammtorstrasse 30 20354 Hamburg Germany

Tel.: +49 (0)40 419 131-793 $FAX.: +49(0)40419131-44$
(Please use this number to submit "WpHG notifications")

Email.: patrick.moeller@XING.com

XING

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FOR A BETTER WORKING LIFE