New Work SE — Investor Presentation 2019

Nov 7, 2019

Q3 2019 Results Presentation

HAMBURG, NOVEMBER 7, 2019

EXECUTIVE SUMMARY 03 2019

Financial Performance

Service revenues +17% (excl. M&A: +15%) EBITDA +22% Cashflow +6%

Operational Performance

B2C:

Core asset showing strong development

B2B:

Customer base increasing; Pushing & expanding Employer branding offering

Finalizing transformation from display to native advertising

Outlook

2019: ≥ € 84m EBITDA

2020: >€ 300m revenues and € 100m EBITDA

Petra von Strombeck to become CEO in 2020

NEW WORK SE | Q3 CONFERENCE CALL, NOVEMBER

NEW WORK SE | Q3 CONFERENCE CALL, NOVEMBER 7, 2019 4

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NEW WORK SE Q3 CONFERENCE CALL, NOVEMBER 7, 2019					8

NEW WORK SE | Q3 CONFERENCE CALL, NOVEMBER 7, 2019

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	Q3 2019	Q3 2018	Q3 2019 vs. Q3 2018	Q2 2019	Q3 2019 vs. Q2 2019
	Abs.	Abs.	Rel	Abs.	Rel.
Service revenues	68.2	58.5	17%	65.5	4%
Other operating income	0.6	0.7	(10%)	0.5	22%
Capitalized own work	7.2	5.9	22%	6.5	11%
Costs before capitalization	(51.8)	(45.2)	14%	(50.6)	2%
EBITDA	24.2	19.9	22%	22.0	10%
Margin	36%	34%	2%pts	34%	2%ps
D&A	(12.6)* (7.0)	(6.3)	101%	(6.7)**	90%
Financial result	(0.4)	(0.2)	58%	(0.5)	(35%)
Taxes	(7.3)* (4.5)	(4.2)	71%	(4.9)	48%
Net income	4.0 12.4	9.1	(57%)	9.8	(60%)
EbS	0.70 2.20	1.62	(57%)	1.75	(60%)

NEW WORK SE | Q3 CONFERENCE CALL, NOVEMBER 7, 2019 11

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	Q3 2019	Q3 2018	03 2019 vs. 03 2018	02 2019	Q3 2019 vs. Q2 2019
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	24.2	19.9	4.3	22.0	2.3
Interest / tax / other	(3.6)	(3.2)	(0.4)	(2.5)	(1.1)
Change in net working capital	(2.4)	0.6	(3.0)	(1.7)	(0.7)
Non-cash changes from changes in basis of consolidation	0.0	0.0	0.0	(1.4)	1.4
Operating cash flow excl. organiser cash	18.3	17.3	1.0	16.4	1.9
Investment - operating	(9.4)	(7.5)	(1.9)	(9.1)	(0.2)
Investment – acquisitions & joint venture	(0.2)	0.0	(0.2)	(22.5)	22.4
Investment – financial assets	0.0	0.0	0.0	0.0	(0.0)
Interests paid, lease liabilities, FX rate diff. & rest	(1.1)	(0.6)	(0.5)	(1.3)	0.2
Cash-flow excl. dividends & organiser cash	7.6	9.1	(1.5)	(16.6)	24.2
Regular dividend	0.0	0.0	0.0	(12.0)	12.0
Special dividend	0.0	0.0	0.0	(20.0)	20.0
Cash-flow excl. organiser cash	7.6	9.1	(1.5)	(48.7)	56.2
Effects organiser cash	2.5	1.2	1.3	(1.0)	3.5
Cash-flow incl. organiser cash	10.1	10.3	(0.3)	(49.7)	59.7

NEW WORK SE | Q3 CONFERENCE CALL, NOVEMBER 7, 2019 14

OUTLOOK

≥€ 84M

EBITDA 2019

€ 100M

EBITDA 2020 ABOVE € 300M REVENUES PETRA

VON STROMBECK to become new CEO in 2020

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THANK YOU FOR YOUR ATTENTION.

CONSENSUS, INVESTOR INFORMATION & CONTACT DETAILS

new work se ir stats

Consensus collected by IR	2019e	2020e	2021e
Service revenues	277	322	365
EBITDA	83	101	119
Margın	30%	32%	32%
D&A	-31	-34	-39
EBIT	52	68	80
Margın	19%	21%	22%
Net income	35	45	53
EPS in €	6,20	7,99	9,50
DPS in €	2,56	3,07	3,61

Analyst coverage	Berenberg , Commerzbank, Deutsche Bank, Hauck & Aufhäuser, MM Warburg, Pareto Securities
Shares	5,620,435

Average trading volume per day (XETRA) & market cap (in €m)

Burda Digital GmbH (DE)	50.0 %
Oppenheimer (US)	5.9 %
Wasatch Advisors	3.1 %
Rest	41.0 %

Numbers based on last filing – actual shareholdings can differ

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