New Work SE

Earnings Release • Feb 22, 2016

PRELIMINARY RESULTS 2015

Disclaimer

2015: A very good year

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2015: +1.6mStrongest net member growth in history

2015: All major KPI's on target

* W/o kununu earn-out-payment

2015 growth drivers: paid memberships, XTM & jobs

45.500 payer net adds

>1,200 seats sold

18% revenue growth

2015/16: Laying foundation for XING 2020

Content driving user engagement and stickiness

Willkommen auf der führenden Coaching Plattform für Deutschland. Österreich und die Schweiz.
Doer 50,000 empstragers Coaches staten threes zur Jussealt,

Schwerpunkte	2 Anlässe	[TY] Orte
gleitung von	Entacheidsmasfindung (1403)	Rendin (10007)
ränderungsprozessen (1221) u. Services	Berufiche Neussiertierung (1255)	Herriburg (2005)

Building additional vertical high ARPU memberships

Expand recruitment offering

Fully on track to achieve 2016 targets – XING 2020 strategy update on Sept 15, 2016

8

2012 Revenues doubled	2016
Growing top line 20%+ yoy	2015
EBITDA margin expansion becomes visible	2014
Year of transition	2013

Outlook
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FY 2015 Financials

Overview: Financial KPI's fully on track

FY 2015: Revenues € 122.9m, EBITDA € 36.6m

	2015 Prelim	2014	2015 vs. 2014	2015 vs. 2014
	Abs.	Abs.	Abs.	Rel.
Total revenue 1	122.9	101.4	21.5	21%
Costs	(86.3)	(69.8)	(16.5)	(24%)
EBITDA w/o kununu earn-out	36.6	31.6	5.0	16%
Margin w/o kununu earn-out	30%	31%	(1%pt)	(1%pt)
Non-operating costs from kununu earn-out	N/A	(2.4)	N/A	N/A
EBITDA incl. kununu earn-out	36.6	29.2	7.4	25%
Adjusted depreciation (incl. PPA) 2	(10.0)	(8.6)	(1.4)	(17%)
Financial result 2	(0.2)	(0.0)	(0.3)	(490%)
Adjusted taxes 2	(8.8)	(7.3)	(1.5)	(19%)
Adjusted net result 2	17.6	13.2	4.4	32%
Adjusted net result w/o kununu earn-out 2	17.6	15.7	1,9	12%

FY 2015: EBITDA-margin by segment

	Segment EBITDA	Margin
X Network/Premium $\bullet$	€44.7m	$61\%$ 1)
E-Recruiting 曼	€ 20.0m	$48\%^{2}$
Events	$(\epsilon$ 0.6m)	N/A
Tech, Central Services & Other	$(\epsilon$ 27.5m)	N/A
Total EBITDA w/o kununu earn-out	€ 36.6m	30%

FY 2015: Top-line growth among all segments

FY 2015: Recurring operating cash-flow of € 39.8m

	2015	2014	2015 vs. 2014	2015 vs. 2014
	Abs.	Abs.	Abs.	Rel.
EBITDA	36.6	29.2	7.4	25%
Interest / tax / ESOP	(7.7)	(1.5)	(6.2)	(420%)
Change in net working capital	6.9	6.5	0.4	6%
Operating cash flow excl. organizer cash	39.8 35.8	34.2	1.6	5%
Investment - operating	(15.2)	(12.1)	(3.2)	(26%)
Investment - acquisitions	(5.8)	(0.9)	(4.9)	(515%)
ESOP & transaction of own shares	4.6	0.0	4.6	N/A
Interest paid & exchange rate differences	(0.1)	(0.0)	(0.1)	N/A
Free cash flow excl. dividends & organizer cash	19.2	21.2	(2.0)	(9%)
Regular dividend	(5.1)	(3.5)	(1.7)	(49%)
Special dividend	N/A	(20.0)	N/A	N/A
Free cash flow excl. organizer cash	14.1	(2.2)	16.3	N/A
Effects organizer cash	(0.3)	0.4	(0.7)	N/A
Free cash flow incl. organizer cash	13.8	(1.8)	15.6	N/A

Q4 2015 Financials

Q4 2015: P&L

	30.5	28.3
	(21.1)	(18.0)
	9.3	10.2
	31%	37%
	N/A	(0.7)
	9.3	9.6
	(2.4)	(2.2)
	(0.1)	(0.0)
	(2.2)	(2.5)
	4.6	4.8
	4.6	5.5

Q4 2015: All segments growing

Q4 2015: Cost development

Q4 2015: Operating cash-flow of € 9.1m

9.6	9.3	9.6
(3.4)	(2.0)	(0.4)
2.9	1.6	0.6
9.1	8.9	9.8
(5.1)	(4.0)	(3.6)
0.0	(0.8)	0.0
0.0	2.1	0.0
(0.1)	(0.0)	(0.0)
3.9	6.1	6.1
0.0	0.0	0.0
0.0	0.0	0.0
3.9	6.1	6.1
(3.2)	1.7	(2.7)
0.7	7.8	3.5

Dividend proposal based on development on fundamental XING earnings, no restrictions for future growth

2015	2014

Outlook
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Thank you