New Work SE — Investor Presentation 2015

Aug 6, 2015

XING AG Q2 2015 Fully on track

August 6, 2015

XING CONTINUES TO GROW STRONGLY

Q2 MEMBER GROWTH +55%

PAYING MEMBER BASE DEVELOPING NICELY

EXECUTING OUR MOBILE AND CONTENT STRATEGY

Q2 WITH STRONG TOP AND BOTTOM LINE PERFORMANCE REVENUES UP 24%; EBITDA UP 35%

XING MEMBER AND USER GROWTH D-A-CH

In 000s and in m

Rounding differences are possible

Paying member base D-A-CH [thousands]

XING MOBILE IMPORTANT DRIVER FOR USAGE AND STICKINESS

• Launch of XING Stellenmarkt App
• Already contributing ~40% of overall job traffic
• Launch of universal iOS App with
• Content
• Jobs
• Groups
• … incl. Apple iWatch compatibility
• Mobile visits growing by 48%*

BUILDING ONE OF THE LEADING BUSINESS-CONTENT DISTRIBUTION NETWORKS IN D-A-CH

FINANCIAL HIGHLIGHTS

CONTINUED MEMBER GROWTH ABOVE PREVIOUS YEAR'S LEVELS

CONTINUING STRONG REVENUE GROWTH AT 24% YOY

EBITDA GROWING TO €9.5M

CASH-FLOW IMPACTED BY CASH-OUT FOR KUNUNU EARN-OUT AND DIVIDEND

Q2/15: CONTINUING STRONG TOP-LINE GROWTH

	Q2/15	Q2/14	Q2/15 vs. Q2/14	Q1/15	Q2/15 vs. Q1/15
	Abs.	Abs.	%	Abs.	%
Total revenue1	30.2	24.4	24%	29.3	3%
Costs	(20.7)	(17.4)	(19)%	(21.0)	2%
EBITDA w/o kununu earn-out	9.5	7.0	35%	8.2	16%
Margin w/o kununu earn-out	31%	29%	+2%pts	28%	+3%pts
Non-operating costs from kununu earn-out	N/A	(0.5)	0.5%	0.0	N/A
EBITDA incl. kununu earn-out	9.5	6.5	46%	8.2	16%
Depreciation (incl. PPA)	(2.3)	(2.2)	(3)%	(2.1)	(6)%
Financial result	(0.0)	0.0	N/A	0.0	N/A
Taxes	(2.6)	(1.6)	64%	(2.0)	(31)%
Adjusted net result incl. kununu earn-out2	4.7	2.8	68%	4.1	13%
Adjusted net result w/o kununu earn-out2	4.7	3.3	42%	4.1	13%

1 Including other operating income

² Excl. write-down of XING Events of €7.5m (-€0.5m tax effect)

Rounding differences are possible

Q2/15: EBITDA GROWING IN ALL BUSINESS UNITS

	Segment EBITDA	Margin
Network/Premium	€11.0m	62%1
E-Recruiting1	€4.9m	48%2
Events	€0.2m	12%
Tech, Central Services & Other	(6.6m)	N/A
Group EBITDA	€ 9.5m	31%

¹ Q2/2014: 65% ² Q2/2014: 46% (w/o kununu earn-out)

EVENTS 1ST TIME QUARTERLY BREAK-EVEN

Q2/15: CONTINUING STRONG GROWTH MOMENTUM IN NETWORK/PREMIUM AND E-RECRUITING SEGMENT

Q2/15: COST DEVELOPMENT

1) Impact from kununu earn-out

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

Rounding differences are possible

Q2/15: OPERATING CASH-FLOW IMPACTED BY EARN-OUT PAYMENT

	Q2/15	Q2/14	Q2/15 vs. Q2/14	Q1/15	Q2/15 vs. Q1/15
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	9.5	6.5	3.0	8.2	1.3
Interest/tax	(1.0)	(0.6)	(0.5)	(1.2)	0.2
Change net working capital	(4.6)	0.4	(5.0)	7.0	(11.6)
Operating cash flow excl. organizer cash	3.9	6.4	(2.5)	14.0	(10.1)
Investment – operating	(3.4)	(2.9)	(0.5)	(2.7)	(0.8)
Investment – acquisitions	0.0	(0.6)	0.6	(1.0)	1.0
Financing incl. transaction of own shares	2.5	0.0	2.5	0.0	2.5
Free cash flow excl. organizer cash & dividends	3.0	2.9	0.1	6.3	(3.4)
Regular Dividends	(5.1)	(3.4)	(1.6)	0.0	(5.1)
Special Dividends	0.0	(20.0)	20.0	0.0	0.0
Free cash flow excl. event organizer cash & incl. dividends	(2.2)	(20.6)	18.4	6.3	(8.5)
Effects organizer cash	(0.9)	(1.0)	0.1	2.1	(3.1)
Free cash flow incl. event organizer cash & dividends	(3.1)	(21.6)	18.4	8.4	(11.6)

IFRS accounting of cash-out for kununu earn-out distorts cash-flow from NWC, operating cash-flow, and cash-flow from investment activities

• Cash-flow from change in NWC reported -€4.6m; adjusted by cash-out for kununu earn-out of €4.0m leads to CF NWC of -€0.6m
• Op. Cash-flow reported €3.9m; adjusted by cash-out for kununu earn-out of €4.0m leads to op. Cash-flow of €7.9m
• Cash-flow from investing activities reported -€3.4m; adjusted by by cash-out for kununu earn-out of €4.0m leads to -€7.4m

INVESTOR INFORMATION & CONTACT

The professional network www.xing.com

XING AG IR STATS MARKET CAP: ~€830m / >€70m CASH / NO DEBT

5)	Consensus from 9 brokers as collected by XING	2015e	2016e	2017e
s	Total revenues	119.6	140.5	163.3
u s	EBITDA	37.0	46.7	57.3
n	Margin	31%	33%	35%
mates as of 08/ 201 e s	Depreciation	-10.7	-11.5	-11.5
n o	EBIT	26.3	35.3	45.9
Analyst esti C	Margin	22%	25%	28%
(	Net income	17.7	23.7	32.5
	EPS in €	3.26	4.33	5.80
	DPS in €	1.23	1.55	2.25
	Analyst coverage	Berenberg Oddo		Bank, Commerzbank, Seydler, Deutsche Bank, Montega, Goldman Sachs, Hauck & Aufhäuser, Jefferies, MM Warburg
	Shares		5,620,435

Analyst coverage	Berenberg Bank, Commerzbank, Oddo Seydler, Deutsche Bank, Montega, Goldman Sachs, Hauck & Aufhäuser, Jefferies, MM Warburg
TecDax	ranking end of July 2015
Market Cap.	25
Turnover	23

9776 2831 7538 2973 8261 5760 4053 9510 16240 29137 13330 16693 17462

Average trading volume per day (XETRA) & Market Cap

Burda Digital GmbH (DE)	50.26%
Deutsche Asset & Wealth Mngt (DE)	4.95%
Oppenheimer (US)	5.04%
Union Investment (DE)	4.98%
Rest	34.77%

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/

www.xing.com