GFT Technologies SE — Investor Presentation 2023

Nov 9, 2023

Interim statement 9M/Q3 2023

GFT Technologies SE | 9 November 2023

Shaping the future of digital business

Interim statement 9M/Q3 2023

Agenda

• Highlights | Marika Lulay (CEO)
• Financials 9M/Q3 2023 | Dr Jochen Ruetz (CFO)
• Outlook | Marika Lulay (CEO)

Shaping the future of digital business

Interim statement Highlights 9M/Q3 2023

9M 2023 – At a glance

• Solid revenue growth
• Margin increased in Q3
• Revenue guidance 2023 slightly amended
• Successful launch AI.DA marketplace
• EcoVadis Silver medal
• Improved leader ranking 2023 SPARK MATRIX™ for Digital Banking Services (Quadrant Knowledge Solutions)
• Major Contender for Cloud Services in North America (ISG Provider Lens)

€ 595m € 52m REVENUE 9M/23: +10%

ADJ. EBIT 9M/23: +7% (EXCL. FX +14%)

GUIDANCE 2023

REVENUE

€ 800-810m

Adj. EBIT € 74-76m

Highlights Interim statement 9M/Q3 2023

GFT AI DA Marketplace

USE CASE LIBRARY

• Visual Inspection
• Predictive Maintenance
• Customer Service
• Fraud Detection
• AI Engineering
• Shopfloor Management Knowledge Acquisition Manufacturing Analytics Project Portfolio Management Energy Management Software Development Voice-assisted Workflows
  -
  -
  -

AI JOURNEY

Assessment & Strategy

• Domain expertise
• Innovation lab
• Fast prototyping
• Implementation
• Reference & security architectures
• Methodologies
• & accelerators
• Partner ecosystem

Operation

• Monitoring
• Retraining
• Adaption

MODERN DATA PLATFORM

• Integration
• Lake Engineering
• Data Modelling
• Distribution Governance

The Universal Digital Payments Network

• UDPN is the payment infrastructure for the future of finance
• Supports regulated fiat-backed stablecoins and CBDCs (Central Bank Digital Currency)
• Leverages DLT to drive efficiency and transparency in digital payments while lowering the costs

FIRST TRANSACTION COMPLETED!

Real-time on-chain transfer and swap test transactions between USDC and EURS stablecoins on the infrastructure

KEY FEATURES

Interoperability

Seamless cross-border transactions using multiple technologies

Integration

Easy integration with multiple existing IT systems of different enterprises

Regulation

Focused on privacy and compliance supporting regulated digital currencies

Decentralisation

Governance structure by an alliance of several geographically distributed entities

Shaping the future of digital business

Agenda

Highlights | Marika Lulay (CEO)

• Financials 9M/Q3 2023 | Dr Jochen Ruetz (CFO)
• Outlook | Marika Lulay (CEO)

Interim statement Financials 9M/Q3 2023

9M 2023 key figures – Double-digit sales growth

 Order backlog influenced by first time Revenue 594.61 541.91 10% integration of targens (€12.6m); reflects usual seasonal decrease and shorter order cycles Order backlog 262.38 264.46 -1%  increased by 7% Adjusted EBIT EBITDA 65.49 63.22 4%  Capacity adjustments: €-3.6m (9M/2022: €-2.2m) EBIT adjusted* 52.14 48.56 7%  FX effects of €-0.9m EBIT adjusted margin 8.8% 9.0% (9M/2022: €+2.1m)  Excluding FX effects: +14% EBIT 49.57 47.65 4%  Adjusted EBIT margin at 8.8% EBT 49.38 47.91 3% (9M/2022: 9.0%) EBT margin 8.3% 8.8%  EBT up by 3% to €49.4m (9M/2022: €47.9m) Net income 34.84 33.78 3%  Stable tax rate at 29% Earnings per share (in €) 1.32 1.28 3%	in €m	9M/2023	9M/2022	∆	 Revenue: +10%
					(9M/2022: 29%)
Employees (in FTE) 9,089 8,766 4%

* 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)

gft.com

Minor variances due to rounding possible 7

Interim statement Financials 9M/Q3 2023

Growth in Banking and Industry & Others continued

Interim statement Financials 9M/Q3 2023

Ongoing moderate sales increase in Q3 2023

• Q3/2023 vs. Q3/2022: Solid revenue growth (+10%) and increased adjusted EBIT (+14%), mainly due to improved profitable top line growth, higher utilisation – despite negative FX impacts
• Q3/2023 vs. Q2/2023: Moderate revenue growth (+1%); adjusted EBIT increased 41%, mainly due to improved utilisation in Q3/2023, reduced negative FX impacts and normalisation of Brazilian business

*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*
	9M/2023	9M/2022	Organic	M&A	FX	Total	9M/2023	9M/2022	∆%
Americas, UK & APAC	351.28	342.25	4%	0%	-1%	3%	31.44	34.54	-9%
Continental Europe	242.66	199.16	11%	11%	0%	22%	26.03	18.79	39%
Others	0.67	0.50	n/a	n/a	n/a	n/a	-5.33	-4.77	-12%
GFT Group	594.61	541.91	7%	4%	-1%	10%	52.14	48.56	7%

• Market position in Americas, UK & APAC further improved by 3% revenue growth, growth in USA (+15%) and Mexico (+46%), both mainly driven by the banking sector; adjusted EBIT burdened by weaker performance in Brazil, shift of profitable projects from UK to Poland and negative FX effects
• Dynamic growth in Continental Europe (+22%) supported by first-time consolidation of acquired targens and growing local business, Germany grew by 55%; strongest growth in Poland (>100%) due to revenue shifts from UK; strong growth in adjusted EBIT by 39% supported by first time targens contribution and shift of profitable projects from UK to Poland
• GFT Group: Organic revenue growth of 7% (excluding targens); improvement in adjusted EBIT of 7%, due to better utilisation and despite burdens from FX effects and capacity adjustments

*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

Financials Interim statement 9M/Q3 2023

Revenue by markets Stabilisation in Brazil

gft.com

9 November 2023

11 Minor variances due to rounding possible

Financials Interim statement 9M/Q3 2023

Income statement – Increased profitability

in €m	9M/2023	9M/2022	∆%
Revenue	594.61	541.91	10%
Other operating income	9.69	11.86	-18%
Cost of purchased services	-78.37	-79.78	-2%
Personnel expenses	-401.03	-355.57	13%
Other operating expenses	-59.41	-55.20	8%
EBITDA	65.49	63.22	4%
Depreciation and amortisation	-15.92	-15.57	2%
EBIT	49.57	47.65	4%
Interest income/expenses	-0.19	0.26	<-100%
EBT	49.38	47.91	3%
Income taxes	-14.54	-14.13	3%
Net income	34.84	33.78	3%
Earnings per share (in €)	1.32	1.28	3%

• Revenue growth driven by complex modernisation and transformation projects in the finance sector
• Decline in other operating income mainly attributed to lower foreign exchange gains (gross)
• Ratio of cost of purchased services to revenue of 13% decreased in year-on-year comparison (9M/2022: 15%)
• Increase in personnel costs predominantly due to larger workforce in Germany (acquisition related), Spain and Italy. Ratio of personnel expense excluding capacity adjustments plus purchased services to revenue of 80.0% essentially at previous year's level (9M/2022: 79.9%)
• Other operating expenses increased mainly due to higher personnel-related expenses (travel), increased IT license costs and foreign currency losses
• Income taxes slightly above previous year's level. Effective tax rate at 29% (9M/2022: 29%) essentially in line with expectations

Interim statement 9M/Q3 2023 Financials

Cash flow analysis (€m) – Resilient funding structure

• Net cash down at €-19.18m (31/12/2022: €35.70m) | Financing structure remains resilient despite targens acquisition; undrawn credit lines of €35.77m (31/12/2022: €51.31m)
• Decline of Group cash to €57.44m (31/12/2022: €78.22m) mainly resulting from investing activities
• Cash flow from operating activities of €13.17m (9M/2022: €22.91m) driven by positive business performance and solid working capital trend. Cashflow in current period burdened by transfer of grants received for third-party account of €14.34m
• Cash flow from financing activities of €13.59m (9M/2022: €-26.06m) primarily impacted by net bank borrowings of €34.10m (9M/2022: net repayment of €9.74m) and the dividend distribution to shareholders of €11.85m (9M/2022: €9.21m)
• Cash flow from investing activities of €-49.14m (9M/2022: €-5.43m) substantially driven by cash outflows related to the targens acquisition amounting to €46.25m

Financials Interim statement 9M/Q3 2023

Balance sheet (€m) – Equity ratio improved

• Rise in balance sheet total by 9% to €544.97m essentially attributed to targens acquisition
• Non-current assets up by 23% to €261.16m (31/12/2022: €212.60m). Increase mainly due to the purchase price allocation for targens, whereof €37.70m relate to goodwill. Noncurrent assets as a proportion of total assets rose to 48% (31/12/2022: 43%)
• Decline in cash and cash equivalents by €20.78m to €57.44m primarily on account of the selffinanced proportion of the purchase price in the context of the targens acquisition
• Other current assets up by €19.42m to €226.37m (31/12/2022: €206.95m) due to increased (conditional) trade receivables as of the reporting date and prepaid expenses, particularly for IT licenses Non-current assets

• Equity currency-adjusted up by €22.99m (+11%); net income of €34.84m exceeds dividend to shareholders of €11.85m | equity ratio improved by two percentage points to 42% (31/12/2022: 40%)
• Non-current liabilities of €98.88m essentially unchanged (31/12/2022: €98.49m). Increase of deferred taxes was largely offset by a term-related reclassification of bank liabilities to short-term debt
• Increase in current liabilities to €217.44 (31/12/2022: €198.20m) overall mainly attributed to additional bank borrowings of €35.00m to finance the targens acquisition and a term-related reclassification from noncurrent financial debt (see above). Effects partly offset by decreased contract liabilities from fixed-price contracts with customers (€-16.44m)

Minor variances due to rounding possible 14

Financials Interim statement 9M/Q3 2023

Moderate employee growth, Attrition significantly reduced

• Around 10,500 talents* worldwide
• Number of employees up by 3% compared to year-end 2022: reduction in Brazil, Poland, Vietnam and Mexico; increase in Germany (acquisition-related), Italy and Spain
• Number of external contractors down to 1,136 (1,173 incl. targens) as of 30/09/2023 compared to 1,275 at year-end 2022
• Utilisation rate significantly up to 92%
• Attrition significantly reduced to 11% (Q3/2022: 18%)

* Headcounts GFT Group + external contractors

Shaping the future of digital business

Interim statement 9M/Q3 2023

Agenda

• Highlights | Marika Lulay (CEO)
• Financials 9M/Q3 2023 | Dr Jochen Ruetz (CFO)
• Outlook | Marika Lulay (CEO)

Outlook Interim statement 9M/Q3 2023 CMD 2023

Outlook 2023: Revenue slightly adjusted – Earnings 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) Please note: 2023e column for the range revenue, EBIT adj. and EBT are not proportionally depicted.

• Revenue Revenue expected in a range of €800m to €810m (incl. €33m from targens acquisition; previous forecast: €810m to €820m )
  • Still solid growth trend due to unique position in new technologies and structural strong demand for digital transformation
    • Growth in every segment and across all sectors
• Earnings EBIT adjusted to grow to €74m to €76m (incl. €3.0m from targens acquisition)
• 2023e Development in line with revenue growth
  • EBT expected to rise to €68m to €70m (€0.0 effects from targens acquisition)

2023e

Interim statement Outlook 9M/Q3 2023

Catching the right waves with strong partners

Outlook Interim statement 9M/Q3 2023

GFT will stay on its sustainable and profitable growth path benefiting from AI market trends

REVENUE GROWTH 2x market

ADJ. EBIT MARGIN 10%

~ 91% UTILISATION

50 CLIENTS > 5 m€ p.a.

Interim statement Outlook 9M/Q3 2023

Accelerate profitable growth backed by a differentiated strategy

Ruthless focus on delivering high quality tech solutions

ನ್ನ

Company culture is agile@scale

Offering portfolio focusses on fast growing technologies in our focus sectors

Leader in analyst quadrants for Digital Banking, Cloud, AI & Data

દર્ભ
J

Programmatic M&A approach

Committed to shareholder return

Backup

Backup Interim statement 9M/Q3 2023

We support our clients with tailormade future solutions

H1 2023 REVENUE SPLIT	55 %	38 %	7 %
	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

Backup Interim statement 9M/Q3 2023

targens is a perfect strategic fit for GFT

EXPERTS

~300

REVENUE CONTRIBUTION FY 2023e

€~33 million

PRODUCT PORTFOLIO ENHANCED WITH LEADING COMPLIANCE SOFTWARE

'SMARAGD Compliance Suite'

• Used by 7 out of 10 German biggest banks
• Installed in 56 countries

Strategic benefits

• Enhanced expertise in the areas of consulting and compliance solutions
• Doubling of market share in the German financial industry
• Improved economies of scale and diversification

Transaction details: 100% acquisition closed on Apr 3, 2023 | cash deal, financed via liquidity & existing credit lines

2022 €42m REVENUE €4.9m EBIT

Interim statement 9M/Q3 2023 Backup

Sustainability: Responsibly into the digital future

Improving ESG performance

C-C

D

C

Recognitions & commitments

2019 signed UN Global Compact

2030 emissions reduction targets approved by the independent SBTi

2022, all GFT national companies certified

Our goals

Sustainability by design

We drive new solutions and services to support sustainability aspects like energy efficiency, privacy and digital inclusion.

Grow tech talent worldwide

People are at the heart of the digital transformation. We create & empower talent for the IT industry.

24

Results at a glance per quarter

in €m	Q1/2022	Q2/2022	Q3/2022	Q4/2022	FY2022	Q1/2023	Q2/2023	Q3/2023
Revenue	173.35	183.90	184.66	188.23	730.14	190.67	200.91	203.03
EBITDA	18.52	20.86	23.84	22.82	86.04	19.89	20.66	24.94
EBIT adjusted*	13.91	16.19	18.47	18.92	67.48	16.28	14.89	20.97
EBIT	13.45	15.57	18.63	17.90	65.55	14.83	15.11	19.63
EBT	13.42	15.74	18.75	18.14	66.05	15.04	15.00	19.34
Net income	9.58	11.11	13.09	12.47	46.25	10.54	10.43	13.87
Earnings per share (in €)	0.36	0.43	0.49	0.48	1.76	0.40	0.40	0.52
Employees (in FTE)	8,120	8,451	8,766	8,842	8,842	8,792	9,008	9,089

*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 income statement

in €	9M/2023	9M/2022	∆%
Revenue	594,611,529.97	541,912,750.74	10%
Other operating income	9,685,051.19	11,855,462.41	-18%
Cost of purchased services	78,368,752.93	79,781,405.43	-2%
Personnel expenses	401,026,693.67	355,568,994.53	13%
Other operating expenses	59,406,247.32	55,195,119.43	8%
Result from operating activities before depreciation and amortisation	65,494,887.24	63,222,693.76	4%
Depreciation and amortisation of intangible assets and property, plant and equipment	15,923,261.90	15,574,824.89	2%
Result from operating activities	49,571,625.34	47,647,868.87	4%
Interest income	2,188,091.46	1,241,250.09	76%
Interest expenses	2,380,268.76	977,371.59	>100%
Financial result	-192,177.30	263,878.50	< -100%
Earnings before taxes	49,379,448.04	47,911,747.37	3%
Income taxes	14,536,466.90	14,127,080.65	3%
Net income for the period	34,842,981.14	33,784,666.72	3%
Earnings per share – basic	1.32	1.28	3%

Interim statement Backup 9M/Q3 2023

Consolidated cash flow statement

in €	9M/2023	9M/2022	∆%
Net income for the period	34,842,981.14	33,784,666.72	3%
Income taxes	14,536,466.90	14,127,080.65	3%
Interest result	192,177.30	-263,878.50	>100%
Income taxes paid	-9,145,623.98	-10,071,473.21	9%
Income taxes received	1,962,098.02	805,930.17	>100%
Interest paid	-1,610,726.99	-548,961.42	< -100%
Interest received	2,131,590.67	1,227,899.45	74%
Depreciation and amortisation of intangible assets and property, plant and equipment	15,923,261.90	15,574,824.89	2%
Net proceeds on disposal of intangible assets and property, plant and equipment	28,565.87	339,428.53	-92%
Net proceeds on disposal of financial assets	0.00	-59,957.07	100%
Other non-cash expenses and income	-25,508.41	-2,353,742.14	99%
Change in trade receivables	18,744,291.83	4,287,501.02	>100%
Change in contract assets	-29,131,018.56	-27,106,646.36	-7%
Change in other assets	-170,353.12	-7,270,396.43	98%
Change in provisions	-9,315,504.61	13,913,647.64*	< -100%
Change in trade payables	-1,293,942.09	-5,198,141.40	75%
Change in contract liabilities	-20,494,698.17	-20,125,197.54	-2%
Change in other liabilities	-4,008,704.91	11,847,802.14*	< -100%
Cash flow from operating activities	13,165,352.79	22,910,387.14	-43%
Proceeds from disposal of property, plant and equipment	119,077.08	80,734.66	47%
Proceeds from disposal of financial assets	0.00	69,957.07	-100%
Capital expenditure for intangible assets	-11,102.04	-25,239.31	56%
Capital expenditure for property, plant and equipment	-2,998,014.29	-5,553,382.25	46%
Cash outflows for acquisitions of consolidated companiesnet of cash and cash equivalents acquired	-46,250,366.54	0.00	n/a
Cash flow from investing activities	-49,140,405.79	-5,427,929.83	< -100%
Proceeds from borrowing	49,344,192.82	19,500,000.00	>100%
Cash outflows from loan repayments	-15,247,996.70	-29,241,403.85	48%
Cash outflows from repayment of lease liabilities	-8,655,587.61	-7,107,548.89	-22%
Dividends to shareholders	-11,846,675.70	-9,214,081.10	-29%
Cash flow from financing activities	13,593,932.81	-26,063,033.84	>100%
Effect of foreign exchange rate changes on cash and cash equivalents	1,595,498.19	4,263,988.01	-63%
Net increase in cash and cash equivalents	-20,785,622.00	-4,316,588.52
Cash and cash equivalents at beginning of period	78,222,547.05	70,770,150.46	< -100%
			11%
Cash and cash equivalents at end of period	57,436,925.05	66,453,561.94	-14%

* Adjusted due to the balance sheet reclassification of holiday obligations in the amount of €3,620 thousand from other provisions to other liabilities.

Consolidated balance sheet

Assets				Equity and liabilities
in €	30/09/2023	31/12/2022	∆%	in €	30/09/2023	31/12/2022	∆%
Non-current assets				Shareholders' equity
Goodwill	163,125,964.81	123,968,225.19	32%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	20,860,629.87	5,914,809.30	>100%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	61,705,148.99	63,577,276.37	-3%	Retained earnings	160,568,804.24	137,572,498.80	17%
Financial investments	696,217.60	696,217.60	0%	Other reserves	-393,123.54	-4,964,588.78	92%
Other financial assets	1,804,225.13	1,907,834.26	-5%		228,649,408.85	201,081,638.17	14%
Deferred tax assets	10,760,358.63	12,040,713.13	-11%
Income tax assets	385,190.60	385,190.60	0%	Non-current liabilities
Other assets	1,823,151.89	4,109,110.88	-56%	Financing liabilities	37,000,000.00	42,168,443.39	-12%
	261,160,887.52	212,599,377.33	23%	Other financial liabilities	29,138,169.06	31,163,462.72	-6%
				Provisions for pensions	5,774,871.43	5,388,399.91	7%
Current assets				Other provisions	4,857,450.92	7,553,890.33	-36%
Inventories	352,246.89	13,848.32	>100%	Deferred tax liabilities	10,078,255.22	3,990,744.41	>100%
Trade receivables	138,718,935.27	152,560,851.68	-9%	Other liabilities	12,035,338.91	8,225,973.37	46%
Contract assets	51,420,732.90	21,731,617.03	>100%		98,884,085.54	98,490,914.13	0%
Cash and cash equivalents	57,436,925.05	78,222,547.05	-27%
Other financial assets	5,181,519.83	4,902,675.35	6%	Current liabilities
Income tax assets	9,557,706.18	10,182,222.91	-6%	Trade payables	10,923,090.68	11,798,941.74	-7%
Other assets	21,141,218.10	17,557,484.81	20%	Financing liabilities	39,615,230.63	350,591.12	>100%
	283,809,284.22	285,171,247.15	0%	Other financial liabilities	22,528,625.49	18,387,520.68	23%
				Other provisions	44,856,844.83	48,173,128.91	-7%
				Income tax liabilities	13,714,699.52	8,614,151.55	59%
				Contract liabilities	23,157,735.33	39,596,844.80	-42%
				Other liabilities	62,640,450.87	71,276,893.38	-12%
					217,436,677.35	198,198,072.18	10%
	544,970,171.74	497,770,624.48	9%		544,970,171.74	497,770,624.48	9%

Assets				Equity and liabilities
in €	30/09/2023	31/12/2022	∆%	in €	30/09/2023	31/12/2022	∆%
Non-current assets				Shareholders' equity
Goodwill	163,125,964.81	123,968,225.19	32%	Share capital	26,325,946.00	26,325,946.00	0%
Other intangible assets	20,860,629.87	5,914,809.30	>100%	Capital reserve	42,147,782.15	42,147,782.15	0%
Property, plant and equipment	61,705,148.99	63,577,276.37	-3%	Retained earnings	160,568,804.24	137,572,498.80	17%
Financial investments	696,217.60	696,217.60	0%	Other reserves	-393,123.54	-4,964,588.78	92%
Other financial assets	1,804,225.13	1,907,834.26	-5%		228,649,408.85	201,081,638.17	14%
Deferred tax assets	10,760,358.63	12,040,713.13	-11%
Income tax assets	385,190.60	385,190.60	0%	Non-current liabilities
Other assets	1,823,151.89	4,109,110.88	-56%	Financing liabilities	37,000,000.00	42,168,443.39	-12%
	261,160,887.52	212,599,377.33	23%	Other financial liabilities	29,138,169.06	31,163,462.72	-6%
				Provisions for pensions	5,774,871.43	5,388,399.91	7%
Current assets				Other provisions	4,857,450.92	7,553,890.33	-36%
Inventories	352,246.89	13,848.32	>100%	Deferred tax liabilities	10,078,255.22	3,990,744.41	>100%
Trade receivables	138,718,935.27	152,560,851.68	-9%	Other liabilities	12,035,338.91	8,225,973.37	46%
Contract assets	51,420,732.90	21,731,617.03	>100%		98,884,085.54	98,490,914.13	0%
Cash and cash equivalents	57,436,925.05	78,222,547.05	-27%
Other financial assets	5,181,519.83	4,902,675.35	6%	Current liabilities
Income tax assets	9,557,706.18	10,182,222.91	-6%	Trade payables	10,923,090.68	11,798,941.74	-7%
Other assets	21,141,218.10	17,557,484.81	20%	Financing liabilities	39,615,230.63	350,591.12	>100%
	283,809,284.22	285,171,247.15	0%	Other financial liabilities	22,528,625.49	18,387,520.68	23%
				Other provisions	44,856,844.83	48,173,128.91	-7%
				Income tax liabilities	13,714,699.52	8,614,151.55	59%
				Contract liabilities	23,157,735.33	39,596,844.80	-42%
				Other liabilities	62,640,450.87	71,276,893.38	-12%
					217,436,677.35	198,198,072.18	10%
	544,970,171.74	497,770,624.48	9%		544,970,171.74	497,770,624.48	9%

Consolidated statement of comprehensive income

in €	9M/2023	9M/2022	∆%
Net income for the period	34,842,981.14	33,784,666.72	3%
Items that will not be reclassified to the income statement
Actuarial gains/losses from pensions (before taxes)*	0.00	-277,471.16	100%
Income taxes on actuarial gains/losses from pensions	0.00	61,043.83	-100%
Actuarial gains/losses from pensions (after taxes)	0.00	-216,427.33	100%
Items that may be reclassified to the income statement
Currency translation	4,571,465.24	7,041,840.85	-35%
Other comprehensive income	4,571,465.24	6,825,413.52	-33%
Total comprehensive income	39,414,446.38	40,610,080.24	-3%

* 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 2022	26,325,946.00	42,147,782.15	98,024,103.12	-5,833,109.53	160,664,721.74
Net income for the period	--	--	33,784,666.72	--	33,784,666.72
Other comprehensive income	--	--	-216,427.33	7,041,840.85	6,825,413.52
Total comprehensive income	--	--	33,568,239.39	7,041,840.85	40,610,080.24
Dividends to shareholders	--	--	-9,214,081.10	--	-9,214,081.10
Balance at 30 September 2022	26,325,946.00	42,147,782.15	122,378,261.41	1,208,731.32	192,060,720.88
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	--	--	34,842,981.14	--	34,842,981.14
Other comprehensive income	--	--	0.00	4,571,465.24	4,571,465.24
Total comprehensive income	--	--	34,842,981.14	4,571,465.24	39,414,446.38
Dividends to shareholders	--	--	-11,846,675.70	--	-11,846,675.70
Balance at 30 September 2023	26,325,946.00	42,147,782.15	160,568,804.24	-393,123.54	228,649,408.85

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

Segment report

	Americas, APAC	UK &	Continental Europe		Total segments		Reconciliation		GFT Group
in € thsd.	9M/2023	9M/2022	9M/2023	9M/2022	9M/2023	9M/2022	9M/2023	9M/2022	9M/2023	9M/2022
External revenue	351,277	342,256	242,666	199,159	593,943	541,415	669	498	594,612	541,913
Intersegment revenue	3,500	4,895	70,331	68,108	73,831	73,003	-73,831	-73,003	0	0
Total revenue	354,777	347,151	312,997	267,267	667,774	614,418	-73,162	-72,505	594,612	541,913
Segment result (EBT)	30,612	32,257	24,325	18,823	54,937	51,080	-5,558	-3,168	49,379	47,912
thereof depreciation and amortisation	-5,291	-6,301	-9,577	-8,053	-14,868	-14,354	-1,055	-1,221	-15,923	-15,575
thereof interest income	2,297	1,311	728	347	3,025	1,658	-837	-417	2,188	1,241
thereof interest expenses	-1,605	-1,477	-697	-366	-2,302	-1,843	-78	866	-2,380	-977

Calculation adjusted EBIT 9M/2023

in thsd. €	9M/2023	9M/2022 541,913
Revenue	594,612
EBIT adjusted	52,141	48,564
M&A Amortisation PPA	-3,731	-3,275
M&A Acquisition related costs	-348	0
Share-price related effects from valuation
of management remuneration	1,510	2,359
EBIT	49,572	47,648
Interest	-192	264
EBT	49,379	47,912
EBIT adjusted margin	8.8%	9.0%
EBT margin	8.3%	8.8%

Shaping the future of digital business

Interim statement 9M/Q3 2023

Shaping the future of digital business

Marika Lulay CEO
T +49 711 62042-429
marika.lulay@gft.com

Dr Jochen Ruetz CFO

T +49 711 62042-422

jochen.ruetz@gft.com

Andreas Herzog Head of IR/CSR

T +49 711 62042-323

andreas.herzog@gft.com

Nicole Schüttforth Senior IR Manager

T +49 711 62042-387 nicole.schuettforth@gft.com

gft.com