New Work SE

Investor Presentation • Jul 31, 2023

NEW WORK SE INVESTOR PRESENTATION

WHO WE ARE

3 main brands w/ ~22 million members and kununu w/ >8 million

workplace insights

More than 1.700 employees, (FTE) thereof 800+ in the city of Hamburg

Further locations in Barcelona, Porto, Valencia, Vienna, Zürich, Berlin und Munich

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$5 + 5 + 5 + 5 + 5$

FROM OPEN BC ... ... TO XING ...

... TO NEW WORK SE

Match-making recruiting marketplaces in D-A-CH

B2B-monetization ("SaaS") of B2C talent access

Huge B2B recruiting market: 5bn€ spend in D-A-CH

Strong right to play among pure "job boards"

"Pure play" professional social network in D-A-CH

B2C-monetization ("freemium")

Limited market potential with TAM of <100m€

Competitive pressure from global business social network

NWSE HAS STRONG ASSETS WHICH SERVE AS THE FUNDAMENT FOR FUTURE GROWTH

onlyfy by XING

HR solutions that help companies hire the right people by providing talent access

XING^X

The leading job-network in D-A-CH to find a job, get hired and receive career guidance

A platform that empowers people to choose the right place to work with workplace insights that matter.

Honeypot

A tech-focused job platform that turns job board principle on its head as companies apply to potential employees.

$>14k$ HR B2B customers (SaaS)

$\sim$ 22m members

300k company profiles & >9m workplace insights

200k registered software engineers

LONG-TERM MARKET TRENDS DRIVING TALENT SHORTAGE IN THE FUTURE

NEW WORK SE 8

MARKET ENVIRONMENT GOT WORSE - GERMANY NOW IN RECESSION EMPLOYMENT MARKET NEGATIVELY AFFECTED

ifo Geschäftsklima

2022

2023

2021

Sep 18

134

Beurteilung der Geschäftslage Geschäftserwartungen

2023

Mai 22

© ifo Institut

NEW
WORK
SE

CLEAR & STRAIGHT FORWARD STRATEGY

WE WILL... FURTHER EXPAND KUNUNU'S LEADING POSITION

STRENGTHS TODAY

First choice for talents looking for workplace insights, with every 2^nd jobseeker visiting kununu

Highest number of user-generated, trustworthy company reviews: $> 5m$

kununu

4m unique insights beyond reviews,
with company salary & culture insights

Platform with singular positioning for employers' employer branding efforts

OUR AMBITION

DESTINATION IN D-A-CH TO FIND WORKPLACE INSIGHTS NEEDED TO TAKE DECISIONS

WE WILL... POSITION XING WITH CLEAR FOCUS ON JOBS & CAREER

STRENGTHS TODAY

Largest network/talent pool in D-A-CH: ~22m; strong growth: ~1m annually

Key role in last job change for ~30% of our B2C XING members*

Higher success in filling vacancies via 'TalentManager' over competition*

OUR AMBITION

DESTINATION IN D-A-CH TO FIND A JOB, GET HIRED AND RECEIVE CAREER GUIDANCE

1.4m jobs & >20k active recruiters; >300k employers on XING

* Source: NW SE Benchmarking study 2022

XING^X

NEW WORK SE

HOW TO BECOME #1 RECRUITING PARTNER IN D-A-CH? NEW PRODUCT + BRAND + ORG

STARTING POSITION

NEW B2B-SETUP

BRAND PORTFOLIO

Multiple brands across portfolio (e.g., XING, kununu, Prescreen), strong dependency on XING

NEW BRAND

Dedicated & differentiated B2B-brand

PRODUCT PORTFOLIO

Singular products (e.g., XTM, XTP, XJM, EBP, XRM, Prescreen), fragmented features, weak UX

NEW PRODUCT

Holistic suite & seamless user experience

NEW WORK SE

SNipes	"onlyfy one makes our work easier in many ways [] and saves us an enormous amount of time and helps us to improve the candidate experience we provide."
ABOUT YOUo	"we find who we are really looking for. A real highlight, to us, is that we can get an overview of how we are doing at any time thanks to the recruiting insights"
SPICE	"it is easy to use, intuitive and very clearly structured, [] builds on our own recruiting processes, which makes our work immensely easier."
BEHGENA	"onlyfy Job Ads form the basis of our search for the right talents to be part of our mission []. Access to 21 million talents in the XING network offers us great added value here."
Stadt Goslar	"Employer Branding Profile gives us more reach to present ourselves as an attractive employer . Even qualified candidates outside of Goslar are now becoming aware of us."

KEY FIN & NON FIN KPI'S & OUTLOOK

yoy

Job preferences

Define your job search as clearly as possible to receive better recommendations.

Visible to: Recruiters $\rightarrow$

Select your jobseeker status

• Actively looking for a job.
• $\odot$ Not looking for a job but open to offers.
• Not interested right now.

Your job preferences

Job titles	What are your preferred job titles?
Discipline	What's your preferred discipline?
Cities	What are your preferred cities?

XXING

• +0.9m new XING members yoy
• 140k new XING members in Q2
• Launch of "preferences" incl. marketing campaign
• New partnerships to address young audience #karriereguru #Staufenbiel Institut

Bertrandt Group Veröffentlicht am 02.08.2023 Ingenieur (m/w/d) im Fahrzeugbau bertrandt N Bewerben Hamburg Vollzeit Was kununu User:innen über diesen Arbeitgeber Geschätztes Gehalt Kulturfaktoren Benefits Mitarbeiter:inner Das könntest du laut kununu User: innen als Ingenieur Zufriedenheit Fahrzeugtechnik in Deutschland verdienen Flexible Arbeitszeiten ← Kollegen helfer 64% $3.4 + + + +$ ✓ Kundenorientiert handeln kununu Score $P$ Parkplatz Ø 57.500€ $\checkmark$ Sich kollegial verhalter Bruttodurchschnittsgehalt Vollzeit $69%$ Weiterempfehlung 33,900 $\epsilon$ $97500E$ Mehr Einblicke $>2m$ yoy

New "Preferences" section

kununu

• Strongest growing growth in history $w/$ >2m workplace insights yoy
• Launch of "kununu jobs" through onlyfy-platform
• >500k new workplace insights in Q2
• 9.3m workplace insights incl. 3.1m salary datapoints

HR SOLUTIONS & TALENT ACCESS SUBSCRIPTION CUSTOMER BASE STABLE ON BACK OF NEGATIVE EMPLOYMENT MARKET

• HR Solutions contributes 70% of NW SE group sales ٠

• Employer branding continues to growth double-digit л

• Passive Sourcing: transactional (job ads) down significantly

• Onlyfy one (ATS) up double-digit ×.

We have a clear goal $-$ to develop NWSE towards the #1 recruiting partner for HR in D-A-CH by winning talent

WRAP-UP

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Recruiting is a huge market with >5bn€ in size - and strong growth prospects driven by structural mega trends

With strong assets on C- & B-Side, we are in a promising position to grow and we defined clear initiatives for it

FOR 2023, WE EXPECT A REVENUE ON PREVIOUS YEAR'S LEVEL (PREVIOUSLY: "SINGLE DIGIT PERCENTAGE GROWTH") AND A PRO-FORMA EBITDA OF € 92-100M (PREVIOUSLY: € 108-111M) AS WE WILL CONTINUE TO INVEST IN TALENT ACCESS (KUNUNU & XING) AND ONLYFY THROUGHOUT 2023 DESPITE SHORT-TERM MARKET HEADWINDS

Q2 RESULTS 2023

Q2 23: REVENUES OF € 75.8; PRO-FORMA EBITDA OF € 22.9M^*

Pro-forma	Q2 2023		Q2 2022	Q2 23 vs. Q2 22	Q1 2023**	Q2 23 vs. Q1 23
	Abs.		Abs.	Rel.	Abs.	Rel.
Service revenues	75.8		78.0	(3%)	75.9	0%
Other operating income	1.4		0.7	97%	0.7	87%
Capitalized own work	6.2		4.7	34%	7.5	(17%)
Costs before capitalization	(60.3)	(60.5)	(55.6)	(8%)	$(68.7)$ $(66.3)$	12%
EBITDA	23.1	22.9	27.8	(17%)	17.9 15.5	49%
Margin	31%	30%	36%	(5%pts)	20% 24%	10%pts
D&A	(9.2)		(9.9)	8%	(7.2)	(27%)
Financial result	0.5	0.2	(0.9)	(0.3) 158%	0.0 0.4	39%
Taxes	(4.5)	(4.3)	(5.7)	(5.9) 22%	(1.6) (2.3)	(173%)
Net income	10.0	9.7	11.2	(11%) 11.7	7.0 8.4	43%
EPS	1.78	1.72	2.00	(11%) 2.08	1.25 1.50	43%

* Continued operations

** Q1 pro-forma retroactively adjusted

Rounding differences possible

Q2 23 REPORTED SEGMENT EBITDA

	Segment EBITDA Q2 23	Q2 23 Margin	Segment EBITDA Q2 22	Q2 22 Margin	Delta Comment
HR Solutions & Talent Access	13.6	25%	16.2	32%	• Continued investments in talent access and repositioning
B 2 C	10.9	58%	13.3	59%	• Expected decline given focus on B2B monetization and talent access
B2B Marketing Solutions	0.0	0%	0.5	10%
Central & Other	(1.3)		(2.2)
Total EBITDA	23.1	31%	27.8	36%	Rounding differences possible

Q2 23 SERVICE REVENUES: HR SOLUTIONS & TALENT ACCESS SEGMENT GROWING 6% - ACCOUNTING FOR 70 % OF TOTAL GROUP SALES

HR Solutions & Talent Access B₂C B2B Marketing Solutions

Q2 23 COST DEVELOPMENT

	Q2 23	Q2 22	Q2 23 vs. Q2 22	Q1 23	Q2 23 vs. Q1 23
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA from continued operations	23.1	27.8	(4.7)	15.5	7.6
Interest / tax / other	(2.5)	(3.5)	1.1	(3.5)	1.0
Change in net working capital	(3.6)	(9.7)	6.1	21.7	(25.3)
$\blacktriangle$ from discontinued operations	$-0.4$	$-0.2$	$-0.3$	0.2	(0.6)
Operating cash flow	16.7	14.4	2.2	33.9	(17.2)
Investment $-$ operating	(9.0)	(5.5)	(3.5)	(9.0)	0.0
Investment $-$ acquisitions & joint venture	0.0	0.0	0.0	0.0	0.0
Investment - financial assets	0.0	0.0	0.0	0.0	0.0
Interests paid, lease liabilities, FX rate diff. & rest	(2.2)	(2.4)	0.2	(2.5)	0.3
$\blacktriangle$ from discontinued operations	0.0	$-0.2$	$+0.2$	(0.1)	0.1
Cash flow excl. dividends	5.5	6.3	(0.9)	22.3	(16.8)
Regular dividend	(17.8)	(15.7)	(2.0)	0.0	(17.8)
Special dividend	(20.0)	(20.0)	0.0	0.0	(20.0)
Cash flow	(32.3)	(29.4)	(2.9)	22.3	(54.6)

RESULTS FY 2022

Pro-forma	2022	2021	2022 vs. 2021	2022 vs. 2021
	Abs.	Abs.	Rel.	Abs.
Service revenues	313.4	284.5	10%	28.9
Other operating income	3.0	1.4	110%	1.6
Capitalised own work	20.7	21.7	(5%)	(1.0)
Costs before capitalisation	(233.0)	(209.8)	(11%)	(23.2)
EBITDA	104.1	97.9	6%	6.2
Margin	33%	34%	(1%pt)
D&A	(37.9)	(40.0)	5%	2.0
Financial result	(2.8) (1.1)	(0.8) (0.4)	(585%)	(2.4)
Taxes	(17.3) (17.9)	(14.2) (14.1)	(22%)	(3.1)
Net income	47.3 46.1	43.3 43.0	6%	2.8
EPS	8.41 8.20	7.71 7.66	6%	0.5

	Segment EBITDA 2022	2022 Margin	Segment EBITDA 2021 *	2021 Margin *
B2B E-Recruiting	140.2	68%	114.4	67%
B 2 C	20.6	23%	35.4	36%
B2B Marketing Solutions	9.5	58%	11.3	68%
Tech, Central Services & Other	(66.2)		(63.2)
Total EBITDA	104.1	33%	97.9	34%

	2022	2021	2022 vs. 2021	2022 vs. 2021
	Abs.	Abs.	Rel.	Abs.
EBITDA	104.1	97.9	6%	6.2
Interest / tax / other	(19.6)	(19.0)	(3%)	(0.5)
Change in net working capital	(4.0)	6.7		(10.7)
▲ Discontinued operations	(1.4)	0.0		(1.4)
Operating cash flow excl. organiser cash	79.2	85.6	(8%)	(6.4)
Investment - operating	(28.4)	(41.2)	31%	12.8
Investment – acquisitions $\&$ joint venture	0.0	(2.1)		2.1
Investment - financial assets	(0.4)	0.0		(0.4)
Interests paid, lease liabilities, FX rate diff. & rest	(5.7)	(0.5)		(5.2)
▲ Discontinued operations	(0.6)	(2.3)	72%	1.7
Cash flow before dividends	44.1	39.5	12%	4.6
Regular dividend	(15.7)	(14.6)	(8%)	(1.2)
Special dividend	(20.0)	0.0		(20.0)
Cash flow incl. organiser cash	8.3	25.0	(67%)	(16.6)

Segment reporting FY 2022 Today			From Jan 1, 2023 2022 based on future segment reporting

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HOW WE MONETIZE

B_2C

Premium

■ 3-12m @ $€$ 7.95 - 9.95 p.m.

ProJobs

■ 3-12m @ $€$ 19.95-29.95 p.m.

InterNations (EXPAT network) Albatross membership

■ 3-12m @ $\in$ 5.95 - 8.95 p.m.

B2B E-Recruiting

onlyfy one

• 1 50 job slots: € 1,799 29,999

• 50 Job slots: Individual pricing

onlyfy job ads

■ Fixed price job ads: $€ 699 - 1,399$

onlyfy TalentManager

■ TalentManager (oTM): $€ 4,390 - 8,190 p.a.$

onlyfy TalentService

• Talentlist Pro: $€ 6,490 -12,990$
• Talentlist Core: $€$ 2,990

onlyfy Employer branding Profil

• 1 1,000 employees: $€$ 4,890 14,290 p.a.

• 1,000 employees: Individual pricing

onlyfy 360°

• Individual pricing

Honeypot

From $\epsilon$ 200 & 15% success fee up to 4,500 p.a. flat fee

B2B Marketing Solutions

Marketing Solutions

• Native & Video (CPC & CPM)
• Content Ads
• Sponsored Mailings
• Audience Network

ESG @ NEW WORK SE

INVESTOR RELATIONS CONTACT DETAILS & SOCIAL MEDIA CHANNELS

Patrick Moeller

VP Investor Relations

NEW WORK SE Am Strandkai 1 20457 Hamburg Germany

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

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

http://twitter.com/NEW_WORK_SE_IR

https://nwx.new-work.se/

ESG topics https://www.new-work.se/en/Company-About-New-Work-SE/csr