New Work SE — Investor Presentation 2018

Aug 6, 2018

Q2 2018 - Results Presentation

TORY

Hamburg, August 6th, 2018

Executive Summary - Continued strong performance throughout Q2

Financial KPIs

• · Revenues* +28% (excl. M&A +21%)
• · EBITDA* +16%
• •

Operating KPIs

• 416k net new members
• B2C year over year growing double-digit
• 32% growth rate in B2B E-Recruiting subscription customers

Revenues, EBITDA & cash flow with double-digit growth

* Organic topline growth excluding one-time positive effects from M&A (InterNations & Prescreen) amounts to 21% in Q2 2018 ** 2017 values adjusted retroactively according to IFRS 15/16

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Sustained strong net member growth with seasonal deceleration in Q2

Seasonality and user communication test leads to stable payer base in Q2

^"Change in reporting method in connection with change of payment provider leads to ~10k payer base step increase as of Dec 31st, 2016 Rounding differences possible

32% uptake in B2B E-Recruiting subscription customers

Patrick Alberts succeeding Timm Richter as CPO

• · As of July 2018, Patrick Alberts is Chief Product Officer at XING SE
• After being responsible for platform's premium segment as SVP, Alberts will oversee the B2C segment and further the development of the XING Platform
• Doctorate in geophysics, INSEAD MBA, former consultant at BCG
• · Richter leaving XING to start his own company

asap.industries joins XING family

XING privacy hub positively received by Commissioner for Data Protection in Hamburg

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Q2 2018 Financial Results

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Q2 Financials

• •
• Very good revenue growth at 28% yoy, organic growth strong with 21% yoy
• EBITDA at €18.6m, fully in plan
• •

Q2 2018 P&L: € 56.6 m revenues; € 18.6 m EBITDA

	Q2 2018	Q2 2017*	Q2 2018 vs. Q2 2017	Q1 2018	Q2 2018 vs. Q1 2018
	Abs.	Abs.	Rel.	Abs.	Rel.
Total revenues	56.6	44.2	28%	54.0	5%
Costs	(37.9)	(28.2)	35%	(39.2)	(3%)
EBITDA	18.6	16.1	16%	14.8	26%
Margin	33%	36%	(3%pts)	27%	6%pts
D&A	(5.3)	(3.9)	37%	(4.7)	12%
Financial result	0.5**	0.5	6%	(0.2)	N/A
kununu US Joint venture	(0.3)	(0.9)	(63%)	(0.6)	(46%)
Taxes	(4.3)	(3.8)	13%	(3.2)	37%
Net income	9.2	8.0	16%	6.1	50%
EbS	1.64	1.42	16%	1.09	50%

* Q2 2017 values adjusted retroactively according to IFRS 15/16

** Positive one time effect due to release of earn-out-provisions of 0.8m

Q2 2018: Strong investments in sustained growth drive lower segment EBITDA margins, particularly in B2C

	Segment EBITDA	Q2 18 Margin	Q2 17* Margin	( Comment
B2C	11.4	46%	59%	Investments in new products
B2B E-Recruiting	16.7	64%	66%
B2B Advertising & Events	1.1	24%	36%
kununu International	(0.0)	N/A	10%
Tech, Central Services & Other	(10.6)	N/A	N/A
Total EBITDA	€ 18.6m	33%	36%

* Q2 2017 values adjusted retroactively according to IFRS 15/16

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Q2 2018: All core segments report double-digit growth

* Q2 2017 values adjusted retroactively according to IFRS 15/16

Q2 2018: Cost development reflects investment in future growth

* Q2 2017 values adjusted retroactively according to IFRS 15/16

Q1 2018: Operating cash flow of € 16.8m

	Q2 2018	Q2 2017*	Q2 2018 VS. Q2 2017	Q1 2018	Q2 2018 vs. Q1 2018
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	18.6	16.0	2.6	14.8	3.8
Interest / tax / other	(2.2)	(1.9)	(0.3)	(2.8)	0.6
Change in net working capital	0.4	(0.6)	1.0	13.1	(12.7)
Operating cash flow excl. organiser cash	16.8	13.6	3.3	25.1	(8.3)
Investment - operating	(9.6)	(7.0)	(2.6)	(8.4)	(1.2)
Investment – acquisitions & joint venture	(4.6)	0.0	(4.6)	(1.2)	(3.4)
Investment – financial assets	0.0	0.0	0.0	0.0	0.0
Interests paid, FX rate diff. & rents (redemption)	(0.6)	(0.9)	0.3	(0.8)	0.2
Free cash flow excl. dividends & organiser cash	1.6	5.6	(4.0)	14.6	(12.9)
Regular dividend	(9.4)	(16.7)	7.3	0.0	(9.4)
Special dividend	0.0	0.0	0.0	0.0	0.0
Free cash flow excl. organiser cash	(7.8)	(11.1)	3.2	14.6	(22.4)
Effects organiser cash	(0.5)	(3.6)	3.1	1.6	(2.1)
Free cash flow incl. organiser cash	(8.3)	(14.6)	6.3	16.1	(24.5)

* values adjusted retroactively according to IFRS 15/16

Rounding differences possible

Thank you for your attention.

Backup

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24 Negative invested capital from shareholders' perspective

Consensus, investor information & contact details

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XING SE IR stats

Consensus from 7 brokers collected by XING IR	2018e	2019e	2020e
Total revenues	221	260	300
EBITDA	72	87	102
Margin	32%	33%	34%
D&A	(20)	(22)	(28)
EBIT	52	ર્દિ	74
Margin	24%	25%	25%
Net income	33	43	50
EPS in €	5.89	7.62	8.86
DPS in €	2.64	3.20	3.26
Analyst coverage			Berenberg, Commerzbank, Deutsche Bank, Equinet, Hauck & Aufhäuser, MM Warburg, Oddo BHF
Shares			5,620,435

Average trading volume per day (XETRA) & market cap

Burda Digital GmbH (DE)	50.26%
Oppenheimer (US)	6.69%
Union Investment GmbH	2.98%
Deutsche Asset Management GmbH	2.95%
Rest	37.12%

Numbers based on last filing – actual shareholdings can differ

1000% 900% 800% 700% XING SE +852% TecDAX 600% +302% DAX 500% +95% 400% 300% 200% 100% 0%

XING share price development since IPO

-- XING AG -- TecDAX -- DAX

and and the deal to de aller of the promise of the project the languing to project to the form of the form of the form of the form

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Investor Relations contact details & social media channels

PATRICK MOELLER

Director Investor Relations

XING SE 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")

E-mail: patrick.moeller@XING.com

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