Interim statement Q1 2024

GFT Technologies SE | 8 May 2024

Shaping the future of digital business

Interim statement Q1 2024

Agenda

Highlights | Marika Lulay (CEO) Financials Q1 2024 | Dr Jochen Ruetz (CFO) Outlook | Marika Lulay (CEO)

business

Interim statement Highlights Q1 2024

Expected growth rates 2024 confirmed

HIGHLIGHTS Q1 2024

Sophos acquisition closed on 1 Feb; integration running smoothly
Marco Santos appointed as new CEO (effective from 1 Jul 2024)
New UDPN "All-in-One Digital Sandbox" launched
CDP rating improved from C to B (GFT above IT sector average)

ADJ. EBIT	ADJ. EBIT
+6%
€ 17m	€ 85m

+16% € 905m

+15%

REVENUE*

OUTLOOK 2024

€ 85m

REVENUE*

€ 212m +13%

* Adapted due to the reclassification of sales-related Brazilian taxes; for details refer to slide 30

gft.com

Highlights Interim statement Q1 2024

The GFT DNA

Catching the right tech waves

Working with strong partners

Relentless focus on delivery

Agile@scale company culture

Programmatic M&A approach

Interim statement Highlights Q1 2024

Shaping the future of digital business

GFT helped to build Neobank in Romania on Engine by Starling platform

Together with GFT, we helped Salt Bank build and launch a new digital bank in less than 12 months .

Our highly capable platform was effectively integrated by GFT for the Romanian market, delivering feature -rich and highly personalisable banking products that can equally be deployed around the world to attract impressive customer volumes.

GFT's specialist team successfully delivered the implementation and they see the significant potential of our platform .

Sam Everington , CEO of Engine by Starling, May 2024

Shaping the future of digital business

Interim statement Highlights Q1 2024

GFT Banking Agent USE CASE #01

Connected to the core banking system the Generative AIbased agent answers queries and even executes transactions.

Delight customers | Cut costs | Demonstrate leadership in digital banking

Generative AI-based, engine-agnostic SW-development orchestration.

Enhances productivity up to 25% thanks to automated prompt generation, code suggestions, vulnerability checks, fixes and detailed logs.

Simplify onboarding | Accelerate digital transformation | Reduce technical debt

GFT EnterpriseGPT USE CASE #03

Makes benefits of generative AI accessible securely and in compliance with regulatory requirements for banks. Runs on all common cloud platforms and can utilise all common language models.

Boost productivity | Rapid ROI | Usable across various functions

Shaping the future of digital business

Interim statement Q1 2024

Agenda

Highlights | Marika Lulay (CEO) Financials Q1 2024 | Dr Jochen Ruetz (CFO) Outlook | Marika Lulay (CEO)

Q1 key figures – Solid growth supported by M&A

in €m	Q1/2024	Q1/2023	∆	 Revenue: +13% (thereof FX effects: 2%), organic growth +1%
Revenue	212.39	187.69 *	13%	 Order backlog above previous year, supported by Sophos backlog of €35m
Order backlog	404.58	350.39 *	15%	 increased by 6%, including Adjusted EBIT
EBITDA	21.81	19.89	10%	 Capacity adjustments: €-1.1m (Q1 2023: €-1.5m)
EBIT adjusted**	17.23	16.28	6%	 FX effects of €-0.3m
EBIT adjusted margin	8.1%	8.7%		(Q1 2023: €-0.5m)  Adjusted EBIT margin down
EBIT	15.72	14.83	6%	to 8.1% (Q1 2023: 8.7%)
EBT EBT margin	15.00 7.1%	15.04 8.0%	0%	 EBT stable at €15.0m
Net income	10.62	10.54	1%	 Slightly reduced tax rate of 29% (Q1/2023: 30%)
Earnings per share (in €)	0.40	0.40	0%	 Significant workforce increase of 21%, mainly driven by Sophos contributing 1,556
Employees (in FTE)	10,626	8,792	21%	employees

* Adapted due to the reclassification of sales-related Brazilian taxes in the amount of €-2.98m for revenue and €-5.33m for order backlog; for details refer to slide 30

** Adjusted for non-operational effects from M&A activities and share-price-based effects in the valuation of management remuneration; for details, see key performance indicators (gft.com)

Shaping the future of digital business

Interim statement Financials Q1 2024

Strong growth of Banking and Industry business

Steady revenue growth despite high market uncertainties

Q1/2024 vs. Q1/2023: Solid revenue growth (+13%); Adjusted EBIT increased at a lower rate (+6%) compared to revenue mainly due to slower sales price increases and weaker product business than previous year
Q1/2024 vs. Q4/2023: Revenue up by 4% driven by M&A; Adjusted EBIT down by 19% mainly due to lower capacity utilization and slower sales price increases

* Revenue figures prior to FY2024 adapted due to the reclassification of sales-related Brazilian taxes; for details refer to slide 30

** Adjusted for non-operational effects from M&A activities and share-price-based effects in the valuation of management remuneration; for details, see key performance indicators (gft.com)

Revenue and earnings by segment

in €m	Revenue		Growth rates				EBIT adjusted**
	Q1/2024	Q1/2023	Organic	M&A	FX	Total	Q1/2024	Q1/2023	∆%
Americas, UK & APAC	118.26	113.58 *	-7%	9%	2%	4%	6.99	10.62	-34%
Continental Europe	93.87	73.93	12%	14%	1%	27%	10.02	8.43	19%
Others	0.26	0.18	n/a	n/a	n/a	n/a	0.22	-2.78	>100%
GFT Group	212.39	187.69 *	1%	10%	2%	13%	17.23	16.28	6%

Market position in Americas, UK & APAC expanded with 4% revenue growth mainly driven by Sophos acquisition in Colombia. Strong growth in Brazil and Mexico (both mainly banking) while US, CAN and UK showed a decline; Adjusted EBIT burdened by weaker performance in Anglo-Saxon markets and lower utilisation
Dynamic growth in Continental Europe (+27%) mainly supported by acquired targens in Germany (as of 3 April 2023; since 2024: GFT Deutschland); on legal entity level Spain, Italy, France and Poland grew significantly; Adjusted EBIT up by 19% mainly driven by top-line growth, supported by first time targens contribution
GFT Group: Organic revenue growth of 1% and overall revenue growth of 13%; Adjusted EBIT growth below revenue growth but in line with GFT expectations for Q1 2024

* Adapted due to the reclassification of sales-related Brazilian taxes in the amount of €-2.98m; for details refer to slide 30

** Adjusted for non-operational effects from M&A activities and share-price-based effects in the valuation of management remuneration; for details, see key performance indicators (gft.com)

Revenue by markets

Shaping the future of digital business

Dynamic growth in Europe & Latin America offsets market weakness in North America

Interim statement Financials Q1 2024

Income statement – Robust earnings performance

in €m	Q1/2024	Q1/2023	∆%
Revenue	212.39	187.69*	13%
Other operating income	3.03	3.00	1%
Cost of purchased services	-27.68	-25.59	8%
Personnel expenses	-150.08	-128.07	17%
Other operating expenses	-15.85	-17.14*	-8%
EBITDA	21.81	19.89	10%
Depreciation and amortisation	-6.09	-5.06	20%
EBIT	15.72	14.83	6%
Interest income/expenses	-0.72	0.21	< -100%
EBT	15.00	15.04	0%
Income taxes	-4.38	-4.50	-3%
Net income	10.62	10.54	1%
Earnings per share (in €)	0.40	0.40	0%

Solid top-line growth in challenging environment supported by acquisitions
Other operating income essentially at previous year's level
Ratio of cost of purchased services to revenue down to 13.0% (Q1/2023: 13.6%)
Rise of personnel costs predominantly due to larger workforce, particularly in Colombia and Germany (both acquisition-related) and Spain. Ratio of personnel expense excluding capacity adjustments plus purchased services to revenue increased to 83.2% (Q1/2023: 81.1%)
Other operating expenses decreased mainly due to economies of scale and less expenses for recruiting, which was partly offset by increased IT license costs
Increase of depreciation and amortisation as well as interest attributed to acquisitions
Income taxes slightly below prior year's level. Effective tax rate at 29.2% (Q1/2023: 29.9%) in line with expectations

* Adapted due to the reclassification of sales-related Brazilian taxes in the amount of €-2.98m from other operating expenses; for details refer to slide 30

Interim statement Financials Q1 2024

Cash flow analysis (€m) – Solid operating cash flow

€4.39m) mainly resulting from the Sophos acquisition | undrawn credit lines of €53.42m (31/12/2023: €46.35m)
Cash flow from operating activities of €6.42m above previous year's level (Q1/2023: €-3.04m). Overall, solid trend – despite minor negative changes of working capital year-on-year. Cashflow prior year burdened by one-off effect of €14.34m
Cash flow from investing activities of €-79.80m (Q1/2023: €-0.79m) substantially impacted by cash outflows for the Sophos acquisition amounting to €78.99m
Free cash flow adjusted** of €5.61m (Q1/2023: €-3.83m)
Cash flow from financing activities of €67.91m (Q1/2023: €32.22m) characterised by net bank borrowings of €70.80m (Q1/2023: €34.92m) due to the debt financing of the Sophos purchase price

* Financing liabilities include liabilities to banks

** Cash flow from operating activities less cash flow from investing activities adjusted for effects from business combinations; for details, see key performance indicators (gft.com)

Balance sheet (€m) – Characterised by Sophos acquisition

Balance sheet total increased by 14% to €644.04m (31/12/2023: 562.52m), in essence due to Sophos acquisition as of 1 February 2024
Non-current assets up by 32% to €345.88m (31/12/2023: €261.22m). Increase mainly due to the preliminary purchase price allocation for Sophos, whereof €62.86m relate to goodwill. Non-current assets as a proportion of total assets rose to 54% (31/12/2023: 46%)
Decline in cash and cash equivalents by €5.46m to €64.88m (31/12/2023: €70.34m) is primarily related to the Sophos acquisition
Other current assets up by €2.32m to €233.28m (31/12/2023: €230.96m) mainly due to order backlog accounted for in the Sophos first-time consolidation. Receivables from customers incl. contract assets in essence at prior year-end level

Equity increased in essence by amount of net profit for the period of €10.62m; currency effects minor | equity ratio decreased by four percentage points to 39% (31/12/2023: 43%)
Non-current liabilities up at €122.65m (31/12/2023: €68.37m). Increase largely attributed to longterm bank borrowings of €40.00m to finance the Sophos acquisition as well as deferred taxes (€+9.05m) from the Sophos purchase price allocation
Increase of current liabilities to €268.76m (31/12/2023: €253.09m) mainly due to assumption of shortterm bank liabilities to finance the Sophos acquisition. Effect was partly offset by lower contract liabilities (€-11.85m) and other provisions (€-9.67m)

15 8 May 2024 Minor variances due to rounding possible

Interim statement Financials Q1 2024

Larger workforce due to Sophos integration

Workforce significantly up by 16% compared to year end 2023 mainly due to: ↑ Columbia, India (Sophos acquisition: 1,556 FTE), Spain
- ↓ Germany, Brazil, Poland
Number of external contractors reduced by 2% to 1,120 (31/12/2023: 1,140)
Utilisation rate about 2 percentage points down to 90% (Q4/2023: 92%)
Attrition (trailing average of last 12 months) further reduced to below 10% (Q1/2023: 14%)

* Excluding Sophos

Shaping the future of digital business

Interim statement Q1 2024

Agenda

Highlights | Marika Lulay (CEO) Financials Q1 2024 | Dr Jochen Ruetz (CFO) Outlook | Marika Lulay (CEO)

Outlook 2024: Revenue and earnings growth rates confirmed

** Adjusted for non-operational effects from M&A activities and share price-based effects in the valuation of management remuneration – see key performance indicators (gft.com), EBIT adj. and EBT are not proportionally depicted * Revenue forecast for FY2024 and figures prior to FY2024 are adapted due to the reclassification of sales-related Brazilian taxes; previously stated figures in brackets; for details refer to slide 30

Revenue 2024e Revenue expected to rise to €905m (incl. €60m from Sophos acquisition and €-15m resulting from reclassification of salesrelated Brazilian taxes); growth rate remains unchanged at 15%
- Still solid organic growth trend due to unique position in new technologies and structural strong demand for digital transformation
Earnings EBIT adjusted expected to grow to €85m (incl. €+8.0m from Sophos acquisition)
2024e Development above revenue growth due to overall better margin
- EBT expected to rise to €72m (incl. €-9.5m effects from Sophos acquisition due to M&A effects and interest expenses)

Shaping the future of digital business

Interim statement Q1 2024

Backup

Interim statement Backup Q1 2024

We support our clients with tailormade future solutions

53 %	39 %	8 %
PLATFORM MODERNISATION	ENGINEERING SERVICES & REGULATORY	AI & DATA
Cloud migration, Mainframe Modernisation, Open API, Customer Centricity, Digital Assets	Managed Services, Engineering Services, Regulatory Services, Risk and Compliance services …	Predictive and Generative AI, AR/VR, Robotic Process Automation (RPA), Bots/virtual assistants, Data Engineering …
Business in real-time	License to operate	Fast track to AI

BANKING, INSURANCE AND SELECTED INDUSTRIES

Sophos M&A – GFT among the top 3 providers across LATAM

STRATEGIC BENEFITS

Shaping the future of digital business

New hub for core banking solutions, AI and cloud modernisation in Americas
Expanded delivery capacity and talent pool with excellent know-how
Access to additional clients (Tier 1+2 financial institutions) in LATAM and new partners with impressive references
Leverage Sophos nearshore capacity for clients in Latin America, other Spanish-speaking countries and the US
Economies of scale

Largest M&A in our history!

Transaction details: 100% acquisition closed on Feb 1st, 2024 | cash deal, financed via own funds & extended credit lines

~1,700 EXPERTS FY 2024e €~60m REVENUE €~8m ADJ. EBIT

SOPHOS CONTRIBUTION

Interim statement Backup Q1 2024

Results at a glance per quarter

in €m	Q1/2023	Q2/2023	Q3/2023	Q4/2023	FY2023	Q1/2024
Revenue*	187.69	197.73	199.70	203.75	788.87	212.39
EBITDA	19.89	20.66	24.94	24.27	89.76	21.81
EBIT adjusted**	16.28	14.89	20.97	21.19	73.33	17.23
EBIT	14.83	15.11	19.63	18.83	68.40	15.72
EBT	15.04	15.00	19.34	18.62	68.00	15.00
Net income	10.54	10.43	13.87	13.52	48.36	10.62
Earnings per share (in €)	0.40	0.40	0.52	0.52	1.84	0.40
Employees (in FTE)	8,792	9,008	9,089	9,134	9,134	10,626

* Revenue figures prior to FY2024 are adapted due to the reclassification of sales-related Brazilian taxes; for details refer to slide 30

** Adjusted for non-operational effects from M&A activities and share-price-based effects in the valuation of management remuneration; for details, see key performance indicators (gft.com)

Consolidated balance sheet

in €	31/03/2024	31/12/2023	∆%	in €	31/03/2024	31/12/2023	∆%
Non-current assets				Shareholders' equity
Goodwill	225,619,464.82	162,791,888.17	39%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	41,357,144.84	19,502,531.44	>100%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	64,342,072.74	60,308,581.14	7%	Retained earnings	184,681,623.45	174,059,064.95	6%
Financial investments	696,217.60	696,217.60	0%	Other reserves	-520,987.63	-1,468,946.26	65%
Other financial assets	1,242,445.58	1,165,739.26	7%		252,634,363.97	241,063,846.84	5%
Deferred tax assets	11,349,365.84	12,406,726.52	-9%
Income tax assets	437,750.63	8,796.00	>100%	Non-current liabilities
Other assets	832,513.30	4,336,665.82	-81%	Financing liabilities	63,534,445.32	20,000,000.00	>100%
	345,876,975.35	261,217,145.95	32%	Other financial liabilities	30,493,266.68	28,410,575.18	7%
				Provisions for pensions	6,101,423.19	5,652,464.73	8%
Current assets				Other provisions	4,391,121.89	5,516,208.26	-20%
Inventories	2,960,473.25	93,867.50	>100%	Deferred tax liabilities	17,235,448.79	7,972,962.39	>100%
Trade receivables	150,163,390.07	166,535,917.19	-10%	Income tax liabilities	131,944.98	0.00	n/a
Contract assets	40,663,066.64	25,025,719.14	62%	Other liabilities	758,696.42	821,346.68	-8%
Cash and cash equivalents	64,884,282.39	70,340,638.75	-8%		122,646,347.27	68,373,557.24	79%
Other financial assets	5,236,287.78	5,610,121.96	-7%
Income tax assets	8,572,823.31	10,373,312.21	-17%	Current liabilities
Other assets	25,678,444.62	23,321,351.43	10%	Trade payables	12,280,000.76	13,571,088.78	-10%
	298,158,768.06	301,300,928.18	-1%	Financing liabilities	78,460,621.87	45,947,997.19	71%
				Other financial liabilities	23,187,419.89	20,245,544.44	15%
				Other provisions	45,723,180.17	55,389,804.85	-17%
				Income tax liabilities	12,185,846.04	14,227,129.55	-14%
				Contract liabilities	28,982,305.20	40,833,020.84	-29%
				Other liabilities	67,935,658.24	62,866,084.40	8%
					268,755,032.17	253,080,670.05	6%
	644,035,743.41	562,518,074.13	14%		644,035,743.41	562,518,074.13	14%

Assets Equity and liabilities

in €	31/03/2024	31/12/2023	∆%	in €	31/03/2024	31/12/2023	∆%
Non-current assets				Shareholders' equity
Goodwill	225,619,464.82	162,791,888.17	39%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	41,357,144.84	19,502,531.44	>100%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	64,342,072.74	60,308,581.14	7%	Retained earnings	184,681,623.45	174,059,064.95	6%
Financial investments	696,217.60	696,217.60	0%	Other reserves	-520,987.63	-1,468,946.26	65%
Other financial assets	1,242,445.58	1,165,739.26	7%		252,634,363.97	241,063,846.84	5%
Deferred tax assets	11,349,365.84	12,406,726.52	-9%
Income tax assets	437,750.63	8,796.00	>100%	Non-current liabilities
Other assets	832,513.30	4,336,665.82	-81%	Financing liabilities	63,534,445.32	20,000,000.00	>100%
	345,876,975.35	261,217,145.95	32%	Other financial liabilities	30,493,266.68	28,410,575.18	7%
				Provisions for pensions	6,101,423.19	5,652,464.73	8%
Current assets				Other provisions	4,391,121.89	5,516,208.26	-20%
Inventories	2,960,473.25	93,867.50	>100%	Deferred tax liabilities	17,235,448.79	7,972,962.39	>100%
Trade receivables	150,163,390.07	166,535,917.19	-10%	Income tax liabilities	131,944.98	0.00	n/a
Contract assets	40,663,066.64	25,025,719.14	62%	Other liabilities	758,696.42	821,346.68	-8%
Cash and cash equivalents	64,884,282.39	70,340,638.75	-8%		122,646,347.27	68,373,557.24	79%
Other financial assets	5,236,287.78	5,610,121.96	-7%
Income tax assets	8,572,823.31	10,373,312.21	-17%	Current liabilities
Other assets	25,678,444.62	23,321,351.43	10%	Trade payables	12,280,000.76	13,571,088.78	-10%
	298,158,768.06	301,300,928.18	-1%	Financing liabilities	78,460,621.87	45,947,997.19	71%
				Other financial liabilities	23,187,419.89	20,245,544.44	15%
				Other provisions	45,723,180.17	55,389,804.85	-17%
				Income tax liabilities	12,185,846.04	14,227,129.55	-14%
				Contract liabilities	28,982,305.20	40,833,020.84	-29%
				Other liabilities	67,935,658.24	62,866,084.40	8%
					268,755,032.17	253,080,670.05	6%
	644,035,743.41	562,518,074.13	14%		644,035,743.41	562,518,074.13	14%

gft.com

23 8 May 2024 Minor variances due to rounding possible

Interim statement Backup Q1 2024

Consolidated income statement

in €	Q1/2024	Q1/2023	∆%
Revenue	212,389,809.11	187,693,383.03	* 13%
Other operating income	3,033,908.44	2,999,180.76	1%
Cost of purchased services	-27,675,659.96	-25,592,645.46	8%
Personnel expenses	-150,077,283.46	-128,067,717.86	17%
Other operating expenses	-15,863,414.07	-17,144,281.97	* -7%
Result from operating activities before depreciation and amortisation	21,807,360.06	19,887,918.50	10%
Depreciation and amortisation of intangible assets and property, plant and equipment	-6,085,043.78	-5,062,911.72	20%
Result from operating activities	15,722,316.28	14,825,006.78	6%
Interest income	867,104.34	697,350.63	24%
Interest expenses	-1,586,056.17	-485,192.76	>100
Financial result	-718,951.83	212,157.87	< -100%
Earnings before taxes	15,003,364.45	15,037,164.65	0%
Income taxes	-4,380,805.95	-4,494,814.55	-3%
Net income for the period	10,622,558.50	10,542,350.10	1%
Earnings per share – basic	0.40	0.40	0%

* Adapted due to the reclassification of sales-related taxes in the amount of €-2,978 thousand from other operating expenses

24 8 May 2024 Minor variances due to rounding possible

Interim statement Backup Q1 2024

Consolidated statement of comprehensive income

in €	Q1/2024	Q1/2023	∆%
Net income for the period	10,622,558.50	10,542,350.10	1%
Items that will not be reclassified to the income statement
Actuarial gains/losses from pensions (before taxes) *	0.00	0.00	n/a
Income taxes on actuarial gains/losses from pensions	0.00	0.00	n/a
Actuarial gains/losses from pensions (after taxes)	0.00	0.00	n/a
Items that may be reclassified to the income statement
Currency translation	947,958.63	321,591.43	>100%
Other comprehensive income	947,958.63	321,591.43	>100%
Total comprehensive income	11,570,517.13	10,863,941.53	7%

* Actuarial gains/losses are generally recognised at year-end based on corresponding expert reports

Consolidated statement of changes in equity

	Share capital	Capital reserve	Retained earnings *	Other reserves	Total equity
				Currency
in €				translation
Balance at 1 January 2023	26,325,946.00	42,147,782.15	137,572,498.80	-4,964,588.78	201,081,638.17
Net income for the period	--	--	10,542,350.10	--	10,542,350.10
Other comprehensive income	--	--	0.00	321,591.43	321,591.43
Total comprehensive income	--	--	10,542,350.10	321,591.43	10,863,941.53
Balance at 31 March 2023	26,325,946.00	42,147,782.15	148,114,848.90	-4,642,997.35	211,945,579.70
Balance at 1 January 2024	26,325,946.00	42,147,782.15	174,059,064.95	-1,468,946.26	241,063,846.84
Net income for the period	--	--	10,622,558.50	--	10,622,558.50
Other comprehensive income	--	--	0.00	947,958.63	947,958.63
Total comprehensive income	--	--	10,622,558.50	947,958.63	11,570,517.13
Balance at 31 March 2024	26,325,946.00	42,147,782.15	184,681,623.45	-520,987.63	252,634,363.97

* Retained earnings also include items that will not be reclassified to the consolidated income statement

Interim statement Backup Q1 2024

Consolidated cash flow statement

in €	Q1/2024	Q1/2023	∆%
Net income for the period	10,622,558.50	10,542,350.10	1%
Income taxes	4,380,805.95	4,494,814.55	-3%
Interest result	718,951.83	-212,157.87	< -100%
Income taxes paid	-4,186,343.78	-1,588,556.73	>100%
Income taxes received	2,856,338.40	2,366,596.85	21%
Interest paid	-1,115,264.45	-204,225.94	>100%
Interest received	867,102.20	655,128.50	32%
Depreciation and amortisation of intangible assets and property, plant and equipment	6,085,043.78	5,062,911.72	20%
Net proceeds on disposal of intangible assets and property, plant and equipment	-11,328.04	39,093.68	< -100%
Other non-cash expenses and income	-1,918,383.93	-1,598,928.15	20%
Change in trade receivables	19,531,418.83	24,479,859.64	-20%
Change in contract assets	-9,892,041.11	-15,653,416.61	-37%
Change in other assets	3,826,402.75	1,120,414.65	>100%
Change in provisions	-13,790,049.34	-9,493,951.87	45%
Change in trade payables	-1,880,602.77	-2,463,297.86	-24%
Change in contract liabilities	-14,135,512.61	-9,869,078.09	43%
Change in other liabilities	4,457,258.23	-10,714,462.04	< -100%
Cash flow from operating activities	6,416,354.44	-3,036,905.47	< -100%
Proceeds from disposal of property, plant and equipment	26,896.41	52,291.46	-49%
Capital expenditure for property, plant and equipment	-838,300.13	-844,341.15	-1%
Cash outflows for acquisitions of consolidated companiesnet of cash and cash equivalents acquired	-78,985,843.40	0.00	n/a
Cash flow from investing activities	-79,797,247.12	-792,049.69	>100%
Proceeds from borrowing	80,344,619.00	35,000,000.00	>100%
Cash outflows from loan repayments	-9,546,036.22	-82,015.63	>100%
Cash outflows from repayment of lease liabilities	-2,882,883.95	-2,698,820.25	7%
Cash flow from financing activities	67,915,698.83	32,219,164.12	>100%
Effect of foreign exchange rate changes on cash and cash equivalents	8,837.49	471,877.86	-98%
Net increase in cash and cash equivalents	-5,456,356.36	28,862,086.82	< -100%
Cash and cash equivalents at beginning of period	70,340,638.75	78,222,547.05	-10%
Cash and cash equivalents at end of period	64,884,282.39	107,084,633.87	-39%

Segment report

	Americas, UK & APAC		Continental Europe		Total segments		Reconciliation		GFT Group
in € thsd.	Q1/2024	Q1/2023	Q1/2024	Q1/2023	Q1/2024	Q1/2023	Q1/2024	Q1/2023	Q1/2024	Q1/2023
External revenue	118,259	113,584 *	93,872	73,925	212,131	187,509 *	259	185	212,390	187,694 *
Intersegment revenue	1,323	1,229	23,386	24,367	24,709	25,596	-24,709	-25,596	0	0
Total revenue	119,582	114,813 *	117,258	98,292	236,840	213,105 *	-24,450	-25,411	212,390	187,694 *
Segment result (EBT)	5,987	10,120	9,464	7,855	15,451	17,975	-448	-2,938	15,003	15,037
thereof depreciation and amortisation thereof interest income	-2,321 935	-1,923 741	-3,424 381	-2,771 108	-5,745 1,316	-4,694 849	-340 -449	-368 -152	-6,085 867	-5,062 697
thereof interest expenses	-642	-383	-451	-216	-1,093	-599	-493	114	-1,586	-485

* Adapted due to the reclassification of sales-related taxes in the amount of €-2,978 thousand from other operating expenses

Interim statement Backup Q1 2024

Calculation adjusted EBIT Q1/2024

in thsd. €	Q1/2024	Q1/2023
Revenue	212,389	187,693 *
EBIT adjusted	17,226	16,279
M&A Amortisation PPA	-2,132	-878
M&A Acquisition related costs	0	-323
Share-price related effects from valuation
of management remuneration	628	-253
EBIT	15,722	14,825
Interest	-719	212
EBT	15,003	15,037
EBIT adjusted margin	8.1%	8.7%
EBT margin	7.1%	8.0%

Reclassification of sales-related Brazilian taxes

GFT has adapted its method of presenting Brazilian taxes directly associated with revenue. Previously, sales-related Brazilian taxes were reported in the income statement within the item 'Other operating expenses'. With effect for FY2024, those taxes will be reported as a reduction of revenue – for reasons of clarity and transparency and in line with the practice of peer companies
Following the change in the reporting method, the corresponding comparative figures have been adapted in accordance with IAS 1.41; these are shown for the previous year in the following table:

in €m	Q1/2023	Q2/2023	Q3/2023	Q4/2023	FY2023	Q1/2024
Revenue - previously reported	190.67	200.91	203.03	207.13	801.74	212.39
- adaption	-2.98	-3.18	-3.33	-3.38	-12.87	−
Revenue - adapted	187.69	197.73	199.70	203.75	788.87	212.39
Other operating expenses - previously reported	-20.12	-21.09	-18.19	-20.97	-80.37	-15.85
- adaption	2.98	3.18	3.33	3.38	12.87	−
Other operating expenses - adapted	-17.14	-17.91	-14.86	-17.59	-67.50	-15.85
adapted) EBT (previously reported	15.04	15.00	19.34	18.62	68.00	15.00
EBT margin - previously reported	7.9%	7.5%	9.5%	9.0%	8.5%	7.1%
EBT margin - adapted	8.0%	7.6%	9.7%	9.1%	8.6%	7.1%

Shaping the future of digital business

Marika Lulay CEO T +49 711 62042-429 [email protected] Dr Jochen Ruetz CFO T +49 711 62042-422 [email protected]

Andreas Herzog Head of IR/CSR T +49 711 62042-323

[email protected]

Nicole Schüttforth Senior IR Manager

T +49 711 62042-387 [email protected]

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GFT Technologies SE Interim / Quarterly Report 2024

182_10-q_2024-05-08_4e9356db-5bd8-4f7d-a665-ec10cbc0e7b0.pdf

Interim statement Q1 2024

Agenda