GFT Technologies SE — Interim / Quarterly Report 2025

May 8, 2025

Interim Statement Q1 2025

GFT Technologies SE | 8 May 2025

Interim Statement Q1 2025

Agenda

Highlights | Marco Santos (Global CEO)

Financials Q1 & Guidance 2025 | Dr Jochen Ruetz (CFO & deputy CEO)

Conclusion | Marco Santos (Global CEO)

Solid start into 2025, guidance confirmed and 5-year strategy in execution

HIGHLIGHTS Q1

• Strong growth in the USA & Canada, based on new major deals with Tier 1 banks, Asset Management and Insurance
• Business acceleration in Latin America, led by Tier 1 banks, Tier 1 insurance and successful completion of Sophos integration
• New long-term digital banking transformation contract with major bank in Dubai and business expansion in APAC
• Successful entry to the Robotics Industry with major AI contract in Global Leading Robotics Company based in Germany
• Strong adoption of GFT AI Impact (GenAI for SDLC) with licenses increasing from 315 to 440 in Q1 and +10,000 employees trained
• Structural challenges identified in UK and Software Solutions and transformational initiatives launched
• Google Cloud Partner of the Year 2025 in Germany and two additional prestigious FS Tech Awards

EBIT ADJ. *

€ 15m

~ € 930m EBIT ADJ. e* ~ € 75m 6.8% EBIT adj. margin 8.1% EBIT adj. margin

* NEW DEF.: Adjusted for M&A-related effects, personnel capacity adjustments, share-based management remuneration valuation effects and other extraordinary items; details on slides 31/32 and/or key performance indicators (gft.com)

Solid start into 2025, guidance confirmed and 5-year strategy in execution

HIGHLIGHTS Q1

• Strong growth in the USA & Canada, based on new major deals with Tier 1 banks, Asset Management and Insurance
• Business acceleration in Latin America, led by Tier 1 banks, Tier 1 insurance and successful completion of Sophos integration
• New long-term digital banking transformation contract with major bank in Dubai and business expansion in APAC
• Successful entry to the Robotics Industry with major AI contract in Global Leading Robotics Company based in Germany
• Strong adoption of GFT AI Impact (GenAI for SDLC) with licenses increasing from 315 to 440 in Q1 and +10,000 employees trained
• Structural challenges identified in UK and Software Solutions and transformational initiatives launched
• Google Cloud Partner of the Year 2025 in Germany and two additional prestigious FS Tech Awards

5-YEAR STRATEGY & STRATEGIC INITIATIVES Global Delivery Platform | Smartshore | India Global Accounts and Tier 1 Customers Expansion Global Biz Dev. Platform | Improve Revenue Architecture Gravity Program AI-Centric Next Gen Tech Brand and Positioning

Interim Statement Q1 2025

Agenda

Highlights | Marco Santos (Global CEO)

Financials Q1 & Guidance 2025 | Dr Jochen Ruetz (CFO & deputy CEO)

Conclusion | Marco Santos (Global CEO)

New calculation of EBIT adjusted

GFT has changed the calculation method of the EBIT adjusted from FY 2025 onwards in line with the practice of peer companies. Previous year's figures per quarter are recalculated accordingly. The new calculation of the EBIT adjusted is as follows:

EBIT adjusted

• M&A effects
• Capacity adjustments (NEW!)
• +/- Share price related effects from valuation of management remuneration

+/- Other extraordinary items (NEW!)

EBIT

New EBIT adjusted definition:

EBIT adjusted reflects the Group's operating performance by excluding extraordinary effects, such as share price-based effects from the measurement of remuneration agreements, personnel capacity adjustments, impacts from business combinations, and other items outside the ordinary course of business. Effects from business combinations primarily include the amortization of identifiable intangible assets acquired through corporate transactions or separately acquired intellectual property, acquisition-related compensation to employees or selling shareholders, and transaction or integration costs impacting earnings. Gains/losses from the disposal of shareholdings are also included.

Q1 2025 – Resilient top-line growth despite macro uncertainties

in €m	Q1/2025	Q1/2024	∆
Revenue	221.91	212.39	4%
Order backlog	462.25	404.58	14%
EBITDA	15.99	21.81	-27%
EBIT adjusted*	15.09	18.31	-18%
EBIT adjusted margin	6.8%	8.6%
EBIT	10.82	15.72	-31%
EBT	10.01	15.00	-33%
Net income	7.09	10.62	-33%
Earnings per share (in €)	0.27	0.40	-33%

• Solid revenue growth of 4% (thereof: organic growth +5%, FX effects -3%, M&A +2%)
• Strong order backlog development with +14%
• EBIT adjusted down by 18% mainly due to
  • Additional investments fostering future growth
  • Higher social security contributions
  • Lower R&D subsidies in various markets
  • UK & Software Solutions business challenging; structural transformation initiatives started
• EBIT adjusted margin down to 6.8% (Q1/2024: 8.6%)
• Stable tax rate of 29% (Q1/2024: 29%)

* Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects, and other extraordinary items; details on slides 31/32 and/or key performance indicators (gft.com)

7

Insurance business gaining traction with 24% growth y-o-y

8 8 May 2025 Minor variances due to rounding possible

Substantial personnel costs increase reflected in lower margins

* Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration valuation effects and other extraordinary items; details on slides 31/32 and/or key performance indicators (gft.com)

gft.com

Interim Statement Q1 2025 Financials

Revenue and earnings by segment

8 May 2025

10 Minor variances due to rounding possible

Revenue by global regions (based on customers' location) Dynamic growth in North & Latin America offsets market weakness in Europe

Income statement – Significant increase of personnel costs

in €m	Q1/2025	Q1/2024	∆%
Revenue	221.91	212.39	4%
Other operating income	2.58	3.03	-15%
Cost of purchased services	-27.96	-27.68	1%
Personnel expenses	-164.21	-150.08	9%
Other operating expenses	-16.33	-15.85	3%
EBITDA	15.99	21.81	-27%
Depreciation and amortization	-5.17	-6.09	-15%
EBIT	10.82	15.72	-31%
Financial result	-0.81	-0.72	13%
EBT	10.01	15.00	-33%
Income taxes	-2.92	-4.38	-33%
Net income	7.09	10.62	-33%
Earnings per share (in €)	0.27	0.40	-33%

• Solid revenue trend of 4% boosted by performance in Americas, particularly in Brazil. Currency headwind of €-6.15m (-3%)
• Other operating income decreased mainly due to lower foreign exchange gains and government grants, particularly for R&D
• Ratio of cost of purchased services to revenue down to 12.6% (Q1/2024: 13.0%)
• Personnel costs (+9%) significantly affected by larger workforce in Brazil and capacity adjustments of €3.09m (Q1/2024: €1.08m). Ratio of personnel expenses excluding capacity adjustments plus purchased services to revenue up to 85.2% (Q1/2024: 83.2%)
• Higher other operating expenses (+3%) due to ongoing growth investments as well as sales and marketing activities
• Decrease of depreciation and amortization associated with declining amortization on intangible assets from purchase price allocations

Effective tax rate of 29.2% at previous year's level

Cash flow analysis (€m) – Reduction of financial debt

** Cash flow from operating activities less investments in intangible assets and property, plant and equipment (excluding investments in connection with business combinations) and payments for lease liabilities.; for details, see key performance indicators (gft.com)

• €-42.53m) predominantly due to operating activities | undrawn credit lines up to €62.76m (31/12/2024: €51.20m)
• Cash flow from operating activities of €-4.31m (Q1/2024: €6.42m) impacted by increased amount of funds tied up in working capital, especially in customer receivables – following highly positive effects in Q4/2024 from significant payments by major clients. Additionally, bonuses paid out in Q1/2025
• Cash flow from investing activities of €-0.43m (Q1/2024: €-79.80m) on low level. Previous year's cash outflows substantially related to Sophos acquisition
• Cash flow from financing activities of €-14.92m (Q1/2024: €67.92m) primarily characterised by (net) loan repayments of €11.82m (Q1/2024: net borrowings of €70.80m)
• Lower free cash flow adjusted** of €-7.92m (Q1/2024: €2.70m) largely due to decrease in operating cash flow

Balance sheet (€m) – Improved equity ratio

• Balance sheet total down by 4% to €626.38m (31/12/2024: €652.65m) – mainly due to redemption of bank loans
• Non-current assets decreased to €333.64m (31/12/2024: €339.83m) resulting from currency-related revaluation of goodwill and scheduled depreciation on property, plant and equipment. Non-current assets as a proportion of total assets amounted to 53% (31/12/2024: 52%)
• Decline in Cash and cash equivalents by €19.74m to €60.46m primarily attributed to repayment of bank liabilities
• Other current assets of €232.28m in essence at prior year-end level (31/12/2024: €232.62m). Other current assets substantially comprise of receivables from customers of €187.15m (31/12/2024: €185.81m) Non-current assets

• Increase of equity attributed to net profit for the period of €7.09m (Q1/2024: €10.62m) – with adverse currency translation effects amounting to €-3.85m | equity ratio improved two percentage points to 44% (31/12/2024: 42%)
• Non-current liabilities of €119.23m slightly below previous year-end level (31/12/2024: €121.98m). Decrease substantially associated with lower lease liabilities
• Current liabilities down to €232.74m (31/12/2024: €259.49m). Decline by €26.75m primarily caused by lower bonus provisions (€-11.43m), decreased contract liabilities (€-11.04m) and reduced financing liabilities due to redemption of bank loans (€-10.86m). Opposing effect mainly from increase of accruals for vacation entitlements (€+3.88m)

8 May 2025

Interim Statement Q1 2025 Financials

Flexible, adaptable and high performing workforce

• Workforce slightly down by 1% compared to year-end 2024 (compared to Q1/2024: +7%) ↑ Colombia, Canada, US, India ↓ Brazil, Spain, Italy, Germany, Poland, UK, Mexico
• Number of external contractors reduced to 1,104 as at the end of Q1/2025 (31/12/2024: 1,215)
• Utilization rate remained high at 91.6% q-o-q; significant y-o-y increase vs.Q1/24 (+1.7pp) supported by the inclusion of Sophos in the calculation from Q1/25 with >1,400 highly utilized IT professionals in Colombia
• Attrition significantly up q-o-q (+1.4pp) and well above prior year level

*Including Sophos numbers from Q1/25 onwards; Attrition is calculated as trailing average of last 12 months

Interim Statement Share buy-back Q1 2025

GFT resolved on up to €15m share buy-back program

DETAILS

Volume: up to €15m

653,594 shares / ~2.5% of share capital (26/03/2025: GFT share Xetra closing price: €22.95)

Duration: 24 April 2025 – 14 October 2025

CAPITAL AUTHORIZATION

• Authorization as granted in AGM 2020 for up to 10% of total shares
• Renewal of authorization scheduled for AGM 2025 (05/06/2025)
• Program will be executed in accordance with safe harbour regulations

PURPOSE & KPI IMPACT

• Shares can be used for all purposes granted in authorization incl. redemption
• 2025 guidance includes share buy-back

Interim Statement Guidance 2025 Q1 2025

2025 targets confirmed & new EBIT adjusted calculation included

GUIDANCE 2025 PUBLISHED IN ANNUAL REPORT 2024

REVENUE e

~ € 930m

+7% growth

EBIT ADJ. e

~ € 68m

7.3% EBIT adj. margin

EBT e: ~ € 60m EBT e: ~ € 60m

RECONCILIATION ACC. TO NEW EBIT ADJUSTED CALCULATION:

• € 68m guidance in Annual Report 2024
• + € 7m Capacity adjustments

€ 75m

GUIDANCE 2025 ACC. TO NEW EBIT ADJUSTED CALCULATION

REVENUE e

~ € 930m

+7% growth

EBIT ADJ. e

~ € 75m

8.1% EBIT adj. margin

Interim Statement Q1 2025 Additional milestones 2025

Additional milestones for 2025

• Working capital levels expected on normalized level for 2025 (exceptionally low working capital on 31/12/2024)
• Net Debt assuming no acquisitions, but sufficient headroom to finance growth targets should market opportunities arise
• Utilization expected at a high but not at maximum level due to challenging market environment

* Cash flow from operating activities less investments in intangible assets and property, plant and equipment (excluding investments in connection with business combinations) and payments for lease liabilities.; for details, see key performance indicators (gft.com)

** Net debt comprises cash less liabilities to credit institutions

*** Excluding Sophos

18

Interim Statement Q1 2025

Agenda

Highlights | Marco Santos (Global CEO)

Financials Q1 & Guidance 2025 | Dr Jochen Ruetz (CFO & deputy CEO)

Conclusion | Marco Santos (Global CEO)

Conclusion

Shaping the future of digital business

• We demonstrated our resilience, achieving solid growth in Q1, despite global market challenges.
• The AI software & services market is a major opportunity for GFT, and we have been generating tangible results for our business and operation.
• We are executing our 5-Year Strategy with focus, clear goals and global strategic initiatives, which have already created a positive impact for GFT.
• We have diligently identified, owned and addressed challenges in specific markets as part of our strategy to build a solid foundation for the mid and long term.

Let's Go Beyond

20

gft.com

Interim statement Q1 2025

Backup

Interim Statement Q1 2025 statement Backup

5-year strategy and mid-term targets

TARGETS 2029

REVENUE e

• 11.5% CAGR ~ € 1,500m

EBIT ADJ. margin e

~ 9.5%

• Continued revenue growth
  • Organic growth picking up after market recovery
  • Bolt-on acquisitions of high-value-adding services companies in existing GFT markets
  • Ongoing investments in GFT assets

Improved profitability

• Service portfolio trending towards high-value-added services at higher margins
• Expanding smartshore delivery contributing to overall margin improvement
• Focus on existing GFT markets, driving economies of scale

Interim Statement Q1 2025 Backup

We enable our clients to boost their productivity

Gen AI becomes an integral part of the overall GFT offering.

INNOVATION	NEW TECHNOLOGIES	CORE BUSINESS	EFFICIENT STANDARD SOLUTIONS
 Agentic AI	Data & AI	Platform modernization	Engineering & Regulatory
 Reasoning AI  etc.	 Generative AI  Predictive AI  RPA  etc.	 Cloud migration  Mainframe Modernization  Open API  etc.	 Managed Services  Engineering Services  Regulatory Services  etc.
2024 REVENUE SPLIT	~8%	~46%	~46%

Interim Statement Backup Q1 2025

Results at a glance per quarter

in €m	Q1/2024	Q2/2024	Q3/2024	Q4/2024	FY2024	Q1/2025
Revenue	212.39	217.24	215.91	225.38	870.92	221.91
EBITDA	21.81	22.62	25.15	24.37	93.95	15.99
EBIT adjusted*	18.31	11.37	24.35	24.02	78.05	15.09
EBIT	15.72	16.45	19.71	19.11	70.99	10.82
EBT	15.00	15.05	18.02	16.94	65.01	10.01
Net income	10.62	10.61	12.63	12.62	46.48	7.09
Earnings per share (in €)	0.40	0.41	0.48	0.48	1.77	0.27
Employees (in FTE)	10,626	10,772	11,304	11,506	11,506	11,413

* Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects, and other extraordinary items; details on slides 31/32 and/or key performance indicators (gft.com)

Consolidated balance sheet

Assets				Equity and liabilities
in €	31/03/2025	31/12/2024	%	in €	31/03/2025	31/12/2024	%
Non-current assets				Shareholders' equity
Goodwill	226,561,857.20	230,351,781.92	-2%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	33,585,436.92	34,316,812.18	-2%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	56,917,511.53	59,506,542.56	-4%	Retained earnings	213,271,660.43	206,180,950.10	3%
Other financial assets	1,150,239.96	1,166,754.10	-1%	Other reserves	-7,331,155.20	-3,477,664.47	> 100%
Deferred tax assets	10,826,586.96	10,193,453.97	6%		274,414,233.38	271,177,013.78	1%
Other assets	4,598,700.25	4,298,671.90	7%
	333,640,332.82	339,834,016.63	-2%	Non-current liabilities
				Financing liabilities	70,000,000.00	70,344,619.14	0%
Current assets				Other financial liabilities	24,503,628.26	26,498,334.22	-8%
Inventories	14,239.30	263,629.62	-95%	Provisions for pensions	6,798,138.70	6,697,343.53	2%
Trade receivables	141,225,994.87	161,555,278.75	-13%	Other provisions	3,086,182.15	3,960,147.67	-22%
Contract assets	45,927,543.34	24,250,921.17	89%	Deferred tax liabilities	14,062,883.34	13,588,777.92	3%
Cash and cash equivalents	60,457,295.09	80,196,229.64	-25%	Other liabilities	782,453.90	891,916.49	-12%
Other financial assets	4,591,429.67	4,730,215.18	-3%		119,233,286.35	121,981,138.97	-2%
Income tax assets	15,617,402.23	16,327,430.24	-4%
Other assets	24,910,867.18	25,491,825.52	-2%	Current liabilities
	292,744,771.68	312,815,530.12	-6%	Trade payables	12,696,813.80	12,980,452.52	-2%
				Financing liabilities	41,534,020.92	52,385,748.28	-21%
				Other financial liabilities	25,475,583.43	22,707,177.71	12%
				Other provisions	39,887,175.17	50,930,946.86	-22%
				Income tax liabilities	7,787,379.62	7,756,308.11	0%
				Contract liabilities	33,964,587.11	45,006,129.94	-25%
				Other liabilities	71,392,024.72	67,724,630.58	5%
					232,737,584.77	259,491,394.00	-10%
	626,385,104.50	652,649,546.75	-4%		626,385,104.50	652,649,546.75	-4%

333,640,332.82	339,834,016.63	-2%	Non-current liabilities
			Financing liabilities	70,000,000.00	70,344,619.14	0%
292,744,771.68	312,815,530.12	-6%	Trade payables	12,696,813.80	12,980,452.52	-2%
			Financing liabilities	41,534,020.92	52,385,748.28	-21%
			Other financial liabilities	25,475,583.43	22,707,177.71	12%
			Other provisions	39,887,175.17	50,930,946.86	-22%
			Income tax liabilities	7,787,379.62	7,756,308.11	0%
			Contract liabilities	33,964,587.11	45,006,129.94	-25%
			Other liabilities	71,392,024.72	67,724,630.58	5%
				232,737,584.77	259,491,394.00	-10%

Consolidated income statement

in €	Q1/2025	Q1/2024	∆%
Revenue	221,909,903.71	212,389,809.11	4%
Other operating income	2,575,815.09	3,033,908.44	-15%
Cost of purchased services	-27,963,197.63	-27,675,659.96	1%
Personnel expenses	-164,214,714.06	-150,077,283.46	9%
Other operating expenses	-16,316,345.80	-15,863,414.07	3%
Result from operating activities before depreciation and amortization	15,991,461.31	21,807,360.06	-27%
Depreciation and amortisation of intangible assets and property, plant and equipment	-5,169,389.35	-6,085,043.78	-15%
Result from operating activities	10,822,071.96	15,722,316.28	-31%
Interest income	661,841.32	867,104.34	-24%
Interest expenses	-1,471,830.47	-1,586,056.17	-7%
Financial result	-809,989.15	-718,951.83	13%
Earnings before taxes	10,012,082.81	15,003,364.45	-33%
Income taxes	-2,921,372.48	-4,380,805.95	-33%
Net income for the period	7,090,710.33	10,622,558.50	-33%
Earnings per share – basic	0.27	0.40	-33%

Consolidated statement of comprehensive income

in €	Q1/2025	Q1/2024	∆%
Net income for the period	7,090,710.33	10,622,558.50	-33%
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	-3,853,490.73	947,958.63	< -100%
Other comprehensive income	-3,853,490.73	947,958.63	< -100%
Total comprehensive income	3,237,219.60	11,570,517.13	-72%

* 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 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
Balance at 1 January 2025	26,325,946.00	42,147,782.15	206,180,950.10	-3,477,664.47	271,177,013.78
Net income for the period	--	--	7,090,710.33	--	7,090,710.33
Other comprehensive income	--	--	0.00	-3,853,490.73	-3,853,490.73
Total comprehensive income	--	--	7,090,710.33	-3,853,490.73	3,237,219.60
Balance at 31 March 2025	26,325,946.00	42,147,782.15	213,271,660.43	-7,331,155.20	274,414,233.38

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

Consolidated cash flow statement

in €	Q1/2025	Q1/2024	∆%
Net income for the period	7,090,710.33	10,622,558.50	-33%
Income taxes	2,921,372.48	4,380,805.95	-33%
Financial result	809,989.15	718,951.83	13%
Income taxes paid	-4,724,766.20	-4,186,343.78	13%
Income taxes received	3,602,549.65	2,856,338.40	26%
Interest paid	-669,379.15	-1,115,264.45	-40%
Interest received	661,742.12	867,102.20	-24%
Depreciation and amortization of intangible assets and property, plant and equipment	5,169,389.35	6,085,043.78	-15%
Net proceeds on disposal of intangible assets and property, plant and equipment	6,876.15	-11,328.04	< -100%
Other non-cash expenses and income	-1,761,079.57	-1,918,383.93	-8%
Change in trade receivables	20,329,283.88	19,531,418.83	4%
Change in contract assets	-21,676,622.17	-9,892,041.11	>100%
Change in other assets	685,619.96	3,826,402.75	-82%
Change in provisions	-11,666,540.37	-13,790,049.34	-15%
Change in trade payables	-283,638.72	-1,880,602.77	-85%
Change in contract liabilities	-11,041,542.83	-14,135,512.61	-22%
Change in other liabilities	6,240,608.97	4,457,258.23	40%
Cash flow from operating activities	-4,305,426.97	6,416,354.44	< -100%
Proceeds from disposal of property, plant and equipment	77,619.36	26,896.41	>100%
Capital expenditure for intangible assets	-124,403.09	0.00	n/a
Capital expenditure for property, plant and equipment	-388,060.15	-838,300.13	-54%
Cash outflows for acquisitions of consolidated companiesnet of cash and cash equivalents acquired	0.00	-78,985,843.40	-100%
Cash flow from investing activities	-434,843.88	-79,797,247.12	-99%
Proceeds from borrowing	0.00	80,344,619.00	-100%
Cash outflows from loan repayments	-11,824,151.91	-9,546,036.22	24%
Cash outflows from repayment of lease liabilities	-3,099,468.67	-2,882,883.95	8%
Cash flow from financing activities	-14,923,620.58	67,915,698.83	< -100%
Effect of foreign exchange rate changes on cash and cash equivalents	-75,043.12	8,837.49	< -100%
Net increase in cash and cash equivalents	-19,738,934.55	-5,456,356.36	>100%
Cash and cash equivalents at beginning of period	80,196,229.64	70,340,638.75	14%
Cash and cash equivalents at end of period	60,457,295.09	64,884,282.39	-7%

Backup Interim Statement Q1 2025

Segment report

	Americas, UK & APAC		Continental Europe		Total segments		Reconciliation		GFT Group
in €k	Q1/2025	Q1/2024	Q1/2025	Q1/2024	Q1/2025	Q1/2024	Q1/2025	Q1/2024	Q1/2025	Q1/2024
External revenue	129,631	118,259	92,030	93,872	221,661	212,131	249	259	221,910	212,390
Intersegment revenue	1,738	1,323	20,082	23,386	21,820	24,709	-21,820	-24,709	0	0
Total revenue	131,369	119,582	112,112	117,258	243,481	236,840	-21,571	-24,450	221,910	212,390
Segment result (EBT)	7,133	5,987	3,678	9,464	10,811	15,451	-799	-448	10,012	15,003
thereof personnel expenses	-82,843	-70,518	-77,436	-75,969	-160,279	-146,487	-3,936	-3,590	-164,215	-150,077
thereof depreciation and amortization	-1,651	-2,321	-3,292	-3,424	-4,943	-5,745	-226	-340	-5,169	-6,085
thereof interest income	727	935	250	381	977	1,316	-315	-449	662	867
thereof interest expenses	-482	-642	-1,219	-451	-1,701	-1,093	229	-493	-1,472	-1,586

gft.com

Interim Statement Backup Q1 2025

New calculation of EBIT adjusted

in €k	Q1/2025	Q1/2024
Revenue	221,910	212,389
EBIT adjusted	15,086	18,309
M&A effects	-1,080	-2,132
Capacity adjustments	-3,084	-1,083
Share-price related effects from measurement
of management remuneration	-100	628
Other extraordinary items	-	-
EBIT	10,822	15,722
Financial result	-810	-719
EBT	10,012	15,003
EBIT adjusted margin	6.8%	8.6%
EBT margin	4.5%	7.1%

Interim Statement Q1 2025 Backup

New calculation of EBIT adjusted

GFT has changed the calculation method of the EBIT adjusted for the consolidated results for FY 2025 onwards. Previous year's figures per quarter are recalculated accordingly, as shown in the table:

in €m	Q1/2024	Q2/2024	Q3/2024	Q4/2024	FY2024	Q1/2025
Revenue (previously reported adapted)	212.39	217.24	215.91	225.38	870.92	221.91
EBIT adjusted - previously reported	17.23	18.51	21.37	20.33	77.44	15.09
- adaption	1.08	-7.14	2.98	3.69	0.61	−
EBIT adjusted - adapted	18.31	11.37	24.35	24.02	78.05	15.09
EBIT adjusted margin - previously reported	8.1%	8.5%	9.9%	9.0%	8.9%	−
EBIT adjusted margin - adapted	8.6%	5.2%	11.3%	10.7%	9.0%	6.8%

Let's Go Beyond

Andreas Herzog Head of IR/CSR T +49 711 62042-323 andreas.herzog@gft.com Maren Dallas IR Manager T +49 711 62042-350 maren.dallas@gft.com

Nicole Schüttforth Senior IR Manager T +49 711 62042-387 nicole.schuettforth@gft.com