New Work SE — Interim / Quarterly Report 2015

May 6, 2015

XING AG Q1/2015 Results

May 6, 2015

EXECUTIVE SUMMARY

STRONG START INTO 2015: +24%* REVENUES AND +83% EBITDA

STRONGEST QUARTERLY MEMBER GROWTH SINCE INCEPTION: +440k TO 8.4M MEMBERS (8.8M USERS)

NETWORK / PREMIUM WITH ACCELERATING GROWTH RATES: REVENUES +19 %

PRODUCT EXECUTION: CONTENT, JOBS ON MOBILE AND NEW PREMIUM PERKS

STRONG START INTO 2015 REVENUES EXCL. FX EFFECTS UP 24% AND EBITDA UP 83%

* Incl. 5%pts arising from eo fx differences (mainly Swiss francs)

** W/o kununu earn-out

Q1/2015 WITH STRONGEST MEMBER GROWTH SINCE INCEPTION: +440K

XING MEMBER AND USER GROWTH D-A-CH

In 000s and in m

NETWORK / PREMIUM SEGMENT SIGNIFICANTLY ACCELERATING TOP-LINE GROWTH RATES: +19%

Paying member base D-A-CH [thousands]

Network / Premium revenues [€m]

XING NEWS PAGES: CREATING CONTENT DESTINATION FOR BUSINESS PROFESSIONALS

Key facts

• Further continuation of successful newsletter with specific and local relevance >3m readers
• Launch of XING News pages: >50k followers
• Members stay up to date by following content distributers across numerous industries
• Kick off with Horizont, Werben & Verkaufen, onlinemarketingrockstars.de, Springer Fachmedien & t3n.

PROVIDE ACCESS TO THE PERFECT JOB ANYWHERE AND EVERYWHERE: XING STELLENMARKT

Key facts

• Native App for members and non-members
• Find the job that fits your life

• 80k downloads in only 3 weeks with ****Rating

• Smooth integration of jobbörse.com inventory ongoing

NEW PREMIUM PARTNERS WITH STRONGER BUSINESS FOCUS

Key facts

• Benefits w/ stronger business related focus
• New: free access to Efficient Elements (Power Point add on) Save €125 p.a.
• New: free statista access for CH members only Save CHF600 p.a.
• New: XING Events Blockbuster w/ front row tickets, VIP seats etc.

FINANCIAL HIGHLIGHTS

FURTHER ACCELERATING GROWTH IN MEMBER BASE

STRONG REVENUE GROWTH THROUGH ACCELERATION IN PREMIUM AND STABLE HIGH GROWTH IN E-RECRUITING

EBITDA GROWING TO €8.2M

OPERATING CASH-FLOW GROWING TO €14M

FREE CASH-FLOW IMPACTED BY JOBBÖRSE ACQUISITION

Q1/15: STRONG TOP-LINE GROWTH CONTINUES

	Q1/15	Q1/14	Q1/15 vs. Q1/14	Q4/14	Q1/15 vs. Q4/14
	Abs.	Abs.	%	Abs.	%
Total revenue1	29.3	22.8	29%	28.3	4%
Costs	(21.0)	(18.7)	(12%)	(18.0)	(17%)
EBITDA w/o kununu earn-out	8.2	4.5	83%	10.2	(20%)
Margin w/o kununu earn-out	28%	20%	8%pts	36%	(8%pts)
Non-operating costs from kununu earn out	0.0	(0.5)	N/A	(0.7)	N/A
EBITDA incl. kununu earn-out	8.2	4.0	105%	9.6	(14%)
Depreciation (incl. PPA)	(2.1)	(2.2)	(3%)	(2.2)2	(4%)
Financial result	0.0	0.0	N/A	(0.0)	N/A
Taxes	(2.0)	(0.8)	(158%)	(2.5)2	22%
Adjusted net result incl. kununu earn-out2	4.1	1.0	295%	4.8	(14%)
Adjusted net result w/o kununu earn-out2	4.1	1.6	164%	5.5	(25%)

Revenue and EBITDA impacted by one-time fx gains of €1.1m EBITDA impacted by TV-campaign €1.7m (Q1/14: €2.7m)

Q1 2015: EBITDA BY SEGMENT

1) Q1/2014: 67%

2) Q1/2014: 49% (w/o kununu earn-out)

Q1/15: ONGOING RE-ACCELERATION OF GROWTH IN CORE NETWORK / PREMIUM SEGMENT

Rounding differences are possible

Q1/15 COST DEVELOPMENT

Personnel in €m in % of total revenue

Q1/14 Q4/14 Q1/15

• Investment in product/technology organization & sales/marketing Including non-operating costs
• from kununu earn-out
• +73FTEs

Q1/14 Q4/14 Q1/15

TV

• Online display & social media adv.
• Search engine marketing (SEM)
• Offline marketing expenditure (conferences & events, print, sponsoring)

• Affiliate marketing

• audit & consulting

• Payment processing, server hosting
• Rent & other costs

1) Impact from kununu earn-out

2) Chg based on growth of personell expenses excl. Kununu earn-out

Rounding differences are possible

Q1/15: OPERATING CASH-FLOW OF €14M

	Q1/15	Q1/14	Q1/15 vs. Q1/14	Q4/14	Q1/15 vs. Q4/14
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	8.2	4.0	4.2	9.6	(1.4)
Interest/tax & kununu earn out	(1.2)	(0.2)	(1.0)	(0.4)	(0.8)
Change net working capital	7.0	3.8	3.2	0.6	6.4
Operating cash flow excl. organizer cash	14.0	7.6	6.4	9.8	4.2
Investment – operating	(2.7)	(2.3)	(0.4)	(3.6)	0.9
Investment – acquisitions	(5.0)	0.0	(5.0)	0.0	(5.0)
Financing incl. transaction of own shares	0.0	0.0	0.0	0.0	0.0
Free cash flow excl. organizer cash & dividends	6.3	5.3	1.0	6.1	0.2
Regular Dividends	0.0	0.0	0.0	0.0	0.0
Special Dividends	0.0	0.0	0.0	0.0	0.0
Free cash flow excl. event organizer cash & incl. Dividends	6.3	5.3	1.0	6.1	0.2
Effects organizer cash	2.1	3.6	(1.5)	(2.7)	4.8
Free cash flow incl. event organizer cash & dividends	8.4	9.0	(0.5)	3.5	4.9

Rounding differences are possible

INVESTOR INFORMATION & CONTACT

The professional network www.xing.com

XING AG IR STATS MARKET CAP: ~€900m / >€70m CASH / NO DEBT

5)	Consensus from 10 brokers as collected by XING	2015e	2016e	2017e
s	Total revenues	118.3	138.5	163.4
u s	EBITDA	37.1	46.7	57.4
mates as of 03/ 201 n	Margin	31%	34%	35%
e s	Depreciation	-10.6	-11.4	-11.3
n o	EBIT	26.4	35.3	46.1
Analyst esti C	Margin	22%	25%	28%
(	Net income	17.8	23.7	32.9
	EPS in €	3.06	4.18	5.77
	DPS in €	1.23	1.55	2.14
	Analyst coverage		Berenberg	Bank, Commerzbank, Close Brothers, Deutsche Bank, Goldman Sachs, Hauck & Aufhäuser, Jefferies, JP Morgan Cazenove, MM Warburg, Montega
Shares			5,592,137

Analyst coverage	Berenberg Bank, Commerzbank, Close Brothers, Deutsche Bank, Goldman Sachs, Hauck & Aufhäuser, Jefferies, JP Morgan Cazenove, MM Warburg, Montega
TecDax ranking end of March 2015
Market Cap.	23
Turnover	24

Burda Digital GmbH (DE)	50.51%
Deutsche Asset & Wealth Mngt (DE)	4.97%
Oppenheimer (US)	5.07%
Schroders (UK)	7.94%
Union Investment (DE)	5.00%
Treasury Shares	0.22%
Rest	25.29%

Numbers based on last filing – actual shareholdings can differ

INVESTOR RELATIONS CONTACT DETAILS & SOCIAL MEDIA CHANNELS

PATRICK MOELLER

Director Investor Relations

XING AG Dammtorstrasse 30 20354 Hamburg Germany

Tel.: +49 (0)40 419 131-793 Fax.: +49 (0)40 419 131-44 (Please use this number to submit "WpHG notifications")

Email.: patrick.moeller@xing.com

IR website: https://corporate.xing.com/english/investor-relations/

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