GFT Technologies SE

Investor Presentation • Nov 14, 2024

Interim statement SN/03 2024.

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GFT Technologies SE
Earnings call | 14 November 2024

Agenda

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Highlights | Marika Lulay (Co-CEO), Marco Santos (Co-CEO)
Financials 9M/Q3 2024 \& Outlook | Dr Jochen Ruetz (CFO)

Revenue and earnings maintain growth momentum

HIGHLIGHTS

Major new deal from Sophos in Core Banking Modernisation at Bancolombia
Tier 2-client base successfully broadened in the USA and UK
New strategic project wins with leading insurance players in LatAm \& Europe
GFT Al Impact product gaining traction
SPARK Matrix 'Leader in Digital Banking Services 2024'
EcoVadis rating further improved by 2 points

9M 2024

REVENUE

$+10 \%$
€ 646 m

ADJ. EBIT
$+10 \%$
€ 57 m

OUTLOOK 2024

REVENUE e Guidance 8 Aug 2024
$+10 \%+12 \%$
€ 865m €885m

ADJ. EBIT e
$+5 \%+12 \%$
€ 77m €82m

$\Gamma$

ALDA MARKETPLACE PRODUCT Q3 UPDATE

GFT Al Impact

Generative Al product to improve productivity and accelerate the software development life cycle (SDLC)

• 10 new clients, +170 licenses, +20 POCs
• Real client proven productivity gains from 50\% up to 90\%
• Approved and available on the Microsoft and AWS Global Marketplaces
• +3,000 GFT engineers already trained
• +800 Engineers engaged with the product evolution

QUADRANT SPARK MATRIX ${ }^{\text {TM }}$
GFT is technology leader for comprehensive digital banking services

Agenda

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Highlights | Marika Lulay (Co-CEO), Marco Santos (Co-CEO)
Financials 9M/Q3 2024 \& Outlook | Dr Jochen Ruetz (cFO)

9M/2024: Revenue growth of 10\% and stable operating margin

in $€ \mathbf{m}$	9M/2024	9M/2023	$\Delta$
Revenue	645.54	$585.12 *$	$10 \%$
Order backlog	328.73	$258.72^{ }$	$26 \%$
EBITDA	69.58	65.49	$6 \%$
EBIT adjusted*** EBIT adjusted margin	$\begin{gathered} 57.19 \ 8.6 \% \end{gathered}$	$\begin{gathered} 52.14 \ 8.9 \% \end{gathered}$	$10 \%$
EBIT	51.88	49.57	$5 \%$
EBT EBT margin	$\begin{gathered} 48.07 \ 7.4 \% \end{gathered}$	$\begin{gathered} 49.38 \ 8.4 \% \end{gathered}$	$-3 \%$
Net income	39.86	34.84	$-3 \%$
Earnings per share (in $€$ )	1.28	1.32	$-2 \%$
Employees (in FTE)	11,301	9,089	$24 \%$

• Revenue: $+10 \%$, organic growth of $2 \%$
• Order backlog significantly above previous year, supported by Sophos backlog of $€ 50 \mathrm{~m}$
• Adjusted EBIT increased by 10\%, incl.
• Capacity adjustments: $€-6.9 \mathrm{~m}$ (9M/2023: $€-3.6 \mathrm{~m}$ )
• FX effects of $€-1.5 \mathrm{~m}$ (9M/2023: $€-0.9 \mathrm{~m}$ )
• Provision release for fiscal proceeding in Brazil: Gross $€+10.0 \mathrm{~m}$ (9M/2023: zero)
• Adjusted EBIT margin stable at 8.8\% (9M/2023: 8.9\%)
• EBT stable at around $€ 48 \mathrm{~m}$
• Stable tax rate of 30\% (9M/2023: 29\%)
• Significant workforce growth of 24\%, mainly M\&A driven (Sophos: 1,445 FTE)
• Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29
  ** Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-3.66 \mathrm{~m}$ and order backlog in the amount of $€+12.58 \mathrm{~m}$ of the acquired targens GmbH (now GFT Deutschland GmbH)
  *** 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)

Growth driven by banking and industry business

• Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29

Improved utilisation increased profitability in Q3/24

Q3/24 vs. Q2/24

• • 1\% slight deceleration in Q3 mainly due to seasonal effects in Spain and Italy as well as UK reduction
    *Revenue figures prior to FY 2024 adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-8,492$ thousand from other operating expenses; for details refer to slide 29
    ** 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 $\mathbf{F}$

in $€ \mathbf{m}$	Revenue		Growth rates				EBIT adjusted**
	9M/2024	9M/2023	Organic	M\&A	FX	Total		9M/2024	9M/2023
Americas, UK \& APAC	363.70	341.79 *	$-4 \%$	$11 \%$	$-1 \%$	6\%	35.05	31.44	$11 \%$
Continental Europe	281.15	242.66	$11 \%$	$4 \%$	$1 \%$	16\%	23.22	26.03	$-11 \%$
Others	0.65	0.67	n/a	n/a	n/a	n/a	$-1.17$	$-5.33$	$78 \%$
GFT Group	645.54	585.12 *	2\%	8\%	0\%	10\%	57.10	52.14	10\%

• Americas, UK \& APAC: Revenue +6\% mainly driven by Sophos acquisition in Colombia and growth in Brazil (mainly banking \& insurance); Adjusted EBIT +11\% supported by extraordinary gain related to a provision release in Brazil ( $€+10 \mathrm{~m}$ ), partially offset by the weaker top-line performance in US \& UK markets resulting in higher capacity adjustments
• Dynamic growth in Continental Europe (+16\%) mainly supported by the acquisition of targens (now GFT Deutschland, incl. as of 3 Apr 2023) and the strong business development in Spain, Italy, France and Poland;
  Adjusted EBIT down by $11 \%$ mainly due to increased capacity adjustments
• GFT Group: Revenue +10\% (organic +2\%); adjusted EBIT +10\%

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[^0]: * Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29
** 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

Brazil and almost all European markets continue to drive growth

• Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29

Income statement - Robust earnings performance

in $€ \mathbf{m}$	9M/2024	9M/2023	$\Delta \%$
Revenue	645.54	$585.12^{*}$	10\%
Other operating income	21.80	9.69	$>100 \%$
Cost of purchased services	$-80.56$	$-78.37$	$3 \%$
Personnel expenses	$-463.97$	$-401.03$	$16 \%$
Other operating expenses	$-53.23$	$-49.92^{*}$	$7 \%$
EBITDA	69.58	65.49	6\%
Depreciation and amortisation	$-17.70$	$-15.92$	$11 \%$
EBIT	51.88	49.57	5\%
Interest income/expenses	$-3.81$	$-0.19$	$>100 \%$
EBIT	48.07	49.38	$-3 \%$
Income taxes	$-14.21$	$-14.54$	$-2 \%$
Net income	33.86	34.84	$-3 \%$
Earnings per share (in $€$ )	1.29	1.32	$-2 \%$

• Solid revenue trend in challenging environment supported by inorganic growth
• Other operating income mainly influenced by gains from release of provisions relating to a fiscal proceeding in Brazil in the amount of $€ 10.83 \mathrm{~m}$ (excluding consultancy expenses of $€ 0.88 \mathrm{~m}$ )
• Ratio of cost of purchased services to revenue down to 12.5\% (9M/2023: 13.4\%)
• Rise of personnel costs mainly due to larger workforce, particularly in Colombia (acquisitionrelated) and Brazil. Ratio of personnel expenses excluding capacity adjustments plus purchased services to revenue increased to 83.3\% (9M/2023: 81.3\%)
• Other operating expenses up primarily due to higher audit and consultancy fees
• Increase of depreciation and amortisation as well as interest attributed to acquisitions
• Effective tax rate at 29.6\% essentially at previous year's level (9M/2023: 29.4\%)

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[^0]: * Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29

Cash flow analysis (€m) - Operating cash flow improved

• 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 up by $12 \%$ to $€ 629.17 \mathrm{~m}(31 / 12 / 2023: € 562.52 \mathrm{~m})$, in essence due to Sophos acquisition as of 1 February 2024
• Non-current assets up by $29 \%$ to $€ 337.15 \mathrm{~m}(31 / 12 / 2023: € 261.22 \mathrm{~m})$. Increase primarily attributed to the preliminary purchase price allocation for Sophos, whereof $€ 62.86 \mathrm{~m}$ relate to goodwill. Non-current assets as a proportion of total assets rose to $54 \%(31 / 12 / 2023: 46 \%)$
• Cash and cash equivalents down to $€ 55.62 \mathrm{~m}(31 / 12 / 2023: € 70.34 \mathrm{~m})$ mainly due to dividend payment to shareholders of $€ 13.16 \mathrm{~m}$
• Other current assets up by $€ 5.44 \mathrm{~m}$ to $€ 236.40 \mathrm{~m}$ mainly attributed to increase of income tax receivables and claims for government grants. Receivables from contracts with customers whereas remained unchanged
  
• Equity currency-adjusted up by $€ 20.70 \mathrm{~m}(+9 \%)$; net profit of $€ 33.86 \mathrm{~m}$ exceeding shareholders' dividend of $€ 13.16 \mathrm{~m}$ | equity ratio decreased by two percentage points to $41 \%$ (31/12/2023: 43\%)
• Non-current liabilities up to $€ 115.73 \mathrm{~m}(31 / 12 / 2023: € 68.37 \mathrm{~m})$. Increase largely influenced by longterm bank borrowings of $€ 40.00 \mathrm{~m}$ to finance the Sophos acquisition as well as deferred taxes of $€+6.35 \mathrm{~m}$ from the Sophos purchase price allocation
• Increase of current liabilities to $€ 257.81 \mathrm{~m}(31 / 12 / 2023: € 253.09 \mathrm{~m})$ in essence attributed to rise of shortterm bank liabilities ( $€+33.22 \mathrm{~m}$ ), associated with the funding of the Sophos acquisition. Effect partly offset by reduced contract liabilities ( $€-12.80 \mathrm{~m}$ ) and decline of other provisions ( $€-10.22 \mathrm{~m}$ ), mainly resulting from the fiscal proceeding in Brazil

Utilisation normalised

• Workforce significantly up by $24 \%$ compared to year end 2023
  $\uparrow$ Columbia (Sophos: 1,445 FTE), Brazil, India and Spain
  $\downarrow$ Mexico, Poland, UK and Costa Rica
• Number of external contractors at 1,232 as of 30/09/2024 (31/12/2023: 1,140)
• Utilisation rate significantly improved q-o-q (+1.5pp) to $91.4 \%$, stable compared with the prior-year quarter
• Attrition increased to $11 \%$ (trailing average of last 12 months)
• Excluding Sophos

Outlook 2024 adjusted

• Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29
  ** 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 - Revenue now expected to rise to $€ 865 \mathrm{~m}$ (incl. $€ 55 \mathrm{~m}$ from Sophos acquisition; previously $€ 885 \mathrm{~m}$ );
2024e Expected growth rate at 10\% (previously 12\%)

• 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 $€ 77 \mathrm{~m}$ (incl. $€ 7 \mathrm{~m}$ from Sophos acquisition; previously $€ 82 \mathrm{~m}$ )
2024e - EBT expected to reduce to $€ 65 \mathrm{~m}$ (incl. $€-9.5 \mathrm{~m}$ effects from Sophos acquisition due to M\&A effects and interest expenses; previously $€ 70 \mathrm{~m}$ )

Backup

We enable our clients to boost their productivity

IT SOLUTIONS Technology \& Design | Strategy \& Consulting | Manage \& Operate

Sophos M\&A - GFT among the top 3 providers across LATAM $\Gamma$

STRATEGIC BENEFITS

• New hub for core banking solutions, Al 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!

SOPHOS CONTRIBUTION
FY 2024e

$\epsilon \sim 7$ m ADJ. EBIT
$\sim 1,500$ experts

Transaction details: 100\% acquisition closed on Feb 1 ${ }^{\text {er }}, 2024$ | cash deal, financed via own funds \& extended credit lines

$\Gamma$

ALDA MARKETPLACE PRODUCT Q3 UPDATE

GFT Al Impact

Proven results in clients
Improvement analysis of traditional SDLC stages versus projects with GFT Al Impact

Results at a glance per quarter

in €m	Q1/2023	Q2/2023	Q3/2023	Q4/2023	FY2023	Q1/2024	Q2/2024	Q3/2024
Revenue*	187.69	197.73	199.70	203.75	788.87	212.39	217.24	215.91
EBITDA adjusted	-					-	-	-
EBITDA	19.89	20.66	24.94	24.27	89.76	21.81	22.62	25.16
EBIT adjusted**	16.28	14.89	20.97	21.19	73.33	17.23	18.50	21.37
EBIT	14.83	15.11	19.63	18.83	68.40	15.72	16.45	19.71
EBIT	15.04	15.00	19.34	18.62	68.00	15.00	15.05	18.02
Net income	10.54	10.43	13.87	13.52	48.36	10.62	10.61	12.64
Net income adjusted	-	-	-	-	-	-	0.00	0.00
Earnings per share adj. (in €)**	-	-	-	-	-	-	0.00	0.00
Earnings per share (in €)	0.40	0.40	0.52	0.52	1.84	0.40	0.41	0.40
Employees (in FTE)	8,792	9,008	9,089	9,134	9,134	10,626	10,772	11,304

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[^0]: * Revenue figures prior to FY 2024 are adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9.49 \mathrm{~m}$ from other operating expenses; for details refer to slide 29
** 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

Assets
in €	30/09/2024	$31 / 12 / 2023$	$-5 \%$
Non-current assets
Goodwill	225,941,916.7	162,791,888.17	$39 \%$
Other intangible assets	34,849,713.75	19,502,531.44	$79 \%$
Property, plant and equipment	62,984,430.34	60,308,581.14	$4 \%$
Financial investments	696,217.60	696,217.60	$0 \%$
Other financial assets	1,153,558.06	1,165,739.26	$-1 \%$
Deferred tax assets	8,654,623.60	12,406,726.52	$-30 \%$
Income tax assets	0.00	8,796.00	$-100 \%$
Other assets	2,869,661.20	4,336,665.82	$-34 \%$
	337,150,121.20	261,217,145.95	29\%
Current assets
Inventories	977,127.32	93,867.50	$>100 \%$
Trade receivables	135,668,692.56	166,535,917.19	$-19 \%$
Contract assets	55,973,268.52	25,025,719.14	$>100 \%$
Cash and cash equivalents	55,618,138.66	70,340,638.75	$-21 \%$
Other financial assets	4,647,408.12	5,610,121.96	$-17 \%$
Income tax assets	14,392,046.62	10,373,312.21	$39 \%$
Other assets	24,742,141.3	23,321,351.43	$6 \%$
	292,018,820.94	301,300,928.18	$-3 \%$
	629,168,942.14	562,518,074.13	12\%

Equity and liabilities
in €	30/09/2024	31/12/2023	$-5 \%$
Shareholders' equity
Share capital	26,325,948.00	26,325,946.00	$0 \%$
Capital reserve	42,147,782.11	42,147,782.15	$0 \%$
Retained earnings	194,760,106.31	174,059,064.95	$12 \%$
Other reserves	$-7,606,929.67$	$-1,468,946.26<-100 \%$
	255,626,904.80	241,063,846.84	6\%
Non-current liabilities
Financing liabilities	60,636,159.50	20,000,000.00	$>100 \%$
Other financial liabilities	29,768,121.62	28,410,575.18	$5 \%$
Provisions for pensions	6,119,023.0	5,652,464.73	$8 \%$
Other provisions	3,951,916.51	5,516,208.26	$-28 \%$
Deferred tax liabilities	14,324,641.61	7,972,962.39	$80 \%$
Other liabilities	935,399.02	821,346.68	$14 \%$
	115,735,261.35	68,373,557.24	69\%
Current liabilities
Trade payables	10,738,215.5	13,571,088.78	$-21 \%$
Financing liabilities	79,166,615.62	45,947,997.19	$72 \%$
Other financial liabilities	24,903,782.48	20,245,544.44	$23 \%$
Other provisions	45,174,025.54	55,389,804.85	$-18 \%$
Income tax liabilities	8,430,931.60	14,227,129.55	$-41 \%$
Contract liabilities	28,037,422.66	40,833,020.84	$-31 \%$
Other liabilities	61,355,782.48	62,866,084.40	$-2 \%$
	237,806,775.28	253,080,670.05	2\%
	629,168,942.54	562,518,074.13	12\%

Consolidated income statement

in $€$	9M/2024	9M/2023	$\Delta \%$
Revenue	645,538,233.45	585,119,539.90 *	$10 \%$
Other operating income	21,804,015.79	9,685,051.19	$>100 \%$
Cost of purchased services	$-80,557,808.86$	$-78,368,752.93$	$3 \%$
Personnel expenses	$-463,971,667.14$	$-401,026,693.67$	$16 \%$
Other operating expenses	$-53,235,740.96$	$-49,914,257.25$ *	$7 \%$
Result from operating activities before depreciation and amortisation	69,577,032.28	65,494,887.24	6\%
Depreciation and amortisation of intangible assets and property, plant and equipment	$-17,695,516.58$	$-15,923,261.90$	$11 \%$
Result from operating activities	51,881,515.70	49,571,625.34	5\%
Interest income	1,988,558.00	2,188,091.46	$-9 \%$
Interest expenses	$-5,801,128.86$	$-2,380,268.76$	$>100$
Financial result	$-3,812,570.86$	$-192,177.30$	$<-100 \%$
Earnings before taxes	48,068,944.84	49,379,448.04	$-3 \%$
Income taxes	$-14,204,930.47$	$-14,536,466.90$	$-2 \%$
Net income for the period	33,864,014.37	34,842,981.14	$-3 \%$
Earnings per share - basic	1.29	1.32	$-3 \%$

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[^0]: * Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9,491,990.07$ from other operating expenses; for details refer to slide 29

Consolidated statement of comprehensive income

in $€$

Net income for the period
Items that will not be reclassified to the income statement
Actuarial gains/losses from pensions (before taxes) *
Income taxes on actuarial gains/losses from pensions
Actuarial gains/losses from pensions (after taxes)
Items that may be reclassified to the income statement
Currency translation
Other comprehensive income
$9 M / 2024$
$9 M / 2023$
$\Delta \%$
$33,864,014.37$
$34,842,981.14$
$-3 \%$
$0.00 \quad \mathrm{n} / \mathrm{a}$
0.000.00
0.00
n/a
$4,571,465.24<-100 \%$
$-6,137,983.41$
$4,571,465.24<-100 \%$
27,726,030.96
$39,414,446.38$
$-30 \%$

Consolidated statement of changes in equity

in $€$	Share capital	Capital reserve	Retained earnings *	Other reserves	Total equity
				Currency 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	--	--	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
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	--	--	33,864,014.37	--	33,864,014.37
Other comprehensive income	--	--	0.00	$-6,137,983.41$	$-6,137,983.41$
Total comprehensive income	--	--	33,864,014.37	$-6,137,983.41$	27,726,030.96
Dividends to shareholders	--	--	$-13,162,973.00$	--	$-13,162,973.00$
Balance at 30 September 2024	26,325,946.00	42,147,782.15	194,760,106.32	$-7,686,928.67$	255,628,904.80

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[^0]: * Retained earnings also include items that will not be reclassified to the consolidated income statement

Consolidated cash flow statement

n. 6	9M/2024	9M/2023	-\%
Net income for the period	14,25,24,614.93	34,842,981.14	$-3 \%$
Income taxes	14,204,930.4	14,536,466.90	$-2 \%$
Interest result	$3,812,570.6$	192,177.30	$>100 \%$
Income taxes paid	$-20,347,779.9$	$-9,145,623.98$	$>100 \%$
Income taxes received	2,561,990.3	1,962,098.02	$31 \%$
Interest paid	$-4,887,792.3$	$-1,610,726.99$	$>100 \%$
Interest received	2,022,783.0	2,131,590.67	$-5 \%$
Depreciation and amortisation of intangible assets and property, plant and equipment	17,695,516.7	15,923,261.90	$11 \%$
Net proceeds on disposal of intangible assets and property, plant and equipment	155,961.1	28,565.87	$>100 \%$
Other non-cash expenses and income	$-5,986,170.4$	$-25,508.41$	$>100 \%$
Change in trade receivables	34,027,574.9	18,744,261.63	$82 \%$
Change in contract assets	$-25,202,242.9$	$-29,131,018.56$	$-13 \%$
Change in other assets	4,030,017.0	$-170,353.12$	$<-100 \%$
Change in provisions	$-13,028,965$	$-9,315,504.61$	$40 \%$
Change in trade payables	$-3,422,387.9$	$-1,293,942.09$	$>100 \%$
Change in contract liabilities	$-15,098,171$	$-20,494,698.17$	$-26 \%$
Change in other liabilities	$-1,967,337.7$	$-4,008,704.91$	$-51 \%$
Cash flow from operating activities	22,434,511.93	13,165,352.79	$70 \%$
Proceeds from disposal of property, plant and equipment	61,749.2	119,077.08	$-48 \%$
Capital expenditure for intangible assets	$-222,146.2$	$-11,102.04$	$>100 \%$
Capital expenditure for property, plant and equipment	$-2,812,554.0$	$-2,998,014.29$	$-6 \%$
Cash outflows for acquisitions of consolidated companiesnet of cash and cash equivalents acquired	$-79,447,225.7$	$-46,250,366.54$	$72 \%$
Cash flow from investing activities	$-82,420,176.75$	$-49,140,405.79$	$68 \%$
Proceeds from borrowing	110,585,910.1	49,344,192.82	$>100 \%$
Cash outflows from loan repayments	$-41,551,017$	$-15,247,996.70$	$>100 \%$
Cash outflows from repayment of lease liabilities	$-8,799,012.2$	$-8,655,587.61$	$2 \%$
Dividends to shareholders	$-13,162,973$	$-11,846,675.70$	$11 \%$
Cash flow from financing activities	47,072,912.43	13,593,932.81	$>100 \%$
Effect of foreign exchange rate changes on cash and cash equivalents	$-1,809,750$	1,595,498.19	$<-100 \%$
Net increase in cash and cash equivalents	$-14,722,582.90$	$-20,785,622.00$	$-29 \%$
Cash and cash equivalents at beginning of period	70,340,638.7	78,222,547.05	$-10 \%$
Cash and cash equivalents at end of period	55,618,135.85	57,436,925.05	$-3 \%$

Segment report

	Americas, UK \& APAC		Continental Europe		Total segments		Reconciliation		GFT Group
in € thsd.	9M/2024	9M/2023	9M/2024	9M/2023	9M/2024	9M/2023	9M/2024	9M/2023	9M/2024	9M/2023
External revenue	363,704	341,785 *	281,154	242,666	644,856	584,451 *	686	669	645,538	585,120 *
Intersegment revenue	4,609	3,500	61,688	70,331	66,297	73,831	$-66,297$	$-73,831$	0	0
Total revenue	368,313	345,285 *	342,842	312,997	711,152	658,282 *	$-65,611$	$-73,162$	645,538	585,120 *
Segment result (EBT)	30,723	30,612	18,648	24,325	49,371	54,937	$-1,302$	$-5,558$	48,069	49,379
thereof depreciation and amortisation	$-6,521$	$-5,291$	$-10,362$	$-9,577$	$-16,883$	$-14,868$	$-813$	$-1,055$	$-17,696$	$-15,923$
thereof interest income	2,250	2,297	982	728	3,232	3,025	$-1,243$	$-837$	1,989	2,188
thereof interest expenses	$-2,292$	$-1,605$	$-4,134$	$-697$	$-6,426$	$-2,302$	622	$-78$	$-5,801$	$-2,380$

Calculation adjusted EBIT 9M/2024

in thsd. $€$	$9 \mathrm{M} / 2024$	$9 \mathrm{M} / 2023$
Revenue	645,538	$585,120^{*}$
EBIT adjusted	57,103	52,141
M\&A Amortisation PPA	$-6,254$	$-3,731$
M\&A Acquisition related and integration costs	0	$-348$
Share-price related effects from measurement of management remuneration	1,633	1,509
EBIT	51,682	49,571
Interest	$-3,813$	$-192$
EBT	48,069	49,379
EBIT adjusted margin	8.8\%	8.9\%
EBT margin	7.4\%	8.4\%

[^0]
[^0]: * Adapted due to the reclassification of sales-related Brazilian taxes in the amount of $€-9,492$ thousand from other operating expenses; for details refer to slide 29

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 $€$ million	Q1/2023	Q2/2023	Q3/2023	Q4/2023	FY2023	Q1/2024	Q2/2024	Q3/2024
Revenue - previously reported	190.67	200.91	203.03	207.13	801.74	212.39	217.24	215.91
- 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	217.24	215.91
Other operating expenses - previously reported	$-20.12$	$-21.09$	$-18.19$	$-20.97$	$-80.37$	$-15.86$	$-19.88$	$-17.50$
- adaption	2.98	3.18	3.33	3.38	12.87	-	-	-
Other operating expenses - adapted	$-17.14$	$-17.91$	$-14.86$	$-17.59$	$-67.50$	$-15.86$	$-19.88$	$-17.50$
EBT (previously reported adapted)	15.04	15.00	19.34	18.62	68.00	15.00	15.05	18.02
EBT margin - previously reported	$7.9 \%$	$7.5 \%$	$9.5 \%$	$9.0 \%$	$8.5 \%$	$7.1 \%$	$6.9 \%$	$6.3 \%$
EBT margin - adapted	$8.0 \%$	$7.6 \%$	$9.7 \%$	$9.1 \%$	$8.6 \%$	$7.1 \%$	$6.9 \%$	$8.3 \%$

Shaping the future of digital business

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