New Work SE — Investor Presentation 2023

Jan 1, 2024

NEW WORK SE Capital markets update

Hamburg, Jan 2024

Agenda

• 01 Strategy
• 02 Reorganization
• 03 Financials

Strategy

Recap | New Work SE strategic winning aspiration: become recruiting partner #1 in D-A-CH by winning talents

Recap | New Work SE addressable market: with >5bn€ in est. size, the recruiting market in D-A-CH is huge

*Figures relate to DE 2021, only – AT/ CH each provide +10% to +15% potential; arrows indicate expected future growth trend; SOURCE: Market model (German Federal Statistical Office, German Federal Labor Agency, Institute of Economics, other studies & reports) Recap | Strong structural market tailwind: recruiting demand is driven by a stable and growing talent shortage

Source 1: IW "Mögliche Entwicklungen des Fachkräftemangelns bis zum Jahr 2040", 04/21

Recap | Our strategy follows historic success: B2B HR solutions revenues as primary growth driver on group-level

Strong Growth in HR Solutions Revenues (in € Mio.)

Segment revenues prior to 2018 might deviate with historically reported figures on back of changes in IFRS or restructurings

Already today, we have a strong right to play – and we're extending our competitive position with focused strategic measures

Focus segments Brands & competitive strength in 2023 Strategic measures for 2024

(1) XING | We are repositioning XING, building on our historic strength, towards a jobs network to drive NWSE strategy execution A

From 'Professional Social Network' to 'Jobs Network'

	network as main purpose	network as empowering factor
Monetization Focus	B2C Memberships	B2B Recruiting Revenues (Passive & Active Sourcing)
Primary Product Value	Social Network (Feed, Messaging, …)	'Find' & 'Get Found' (Passive & Active Sourcing)
Supporting Product Values	Diverse (News, Jobs, Events)	Network & Content (Enhancement of Candidate & Recruiter Journey)
Performance Priorities	Network Size & Activity	Applications & Recruiter-Replies

(1) XING | New XING 'jobs network' will provide a better job seeker experience, empowering everyone to choose the job that's just right A

HR Solutions XING kununu

(1) XING | Ongoing progress across strategic KPIs are demonstrating that XING is successfully executing repositioning strategy A

Traffic	'Find'	'Get Found'	Satisfaction
+135%	+179%	+50%	+NPS
'jobs' visits at stable	applications on	candidate reply rate	1st increase since
total traffic (~ -1%)	top paid postings	to recruiters	three years
Q4 2023 vs. Q4 22	Q4 2023 vs. Q4 2022	Nov 2023 vs. Nov 2022	2023 vs. 2022

XING's repositioning towards 'jobs network' running successfully!

HR Solutions XING kununu

(2) kununu | We operate the leading platform for workplace insights – thereby catering to a fundamental need of our B2C target group B

+

HR Solutions XING kununu

Fundamental B2C Need Undisputed Leadership Spill-over on B2B Needs +

>70%

of jobseekers inform themselves about employers on review platforms¹

SOURCE 1: University Innsbruck, WU Wien, IFC FH Krems & Trendence, 2022

in average monthly unique visitors of kununu vs. second biggest competitor²

SOURCE 2: SimilarWeb (Nov 2022 – Oct 2023, DE)

>50%

of jobseekers do not apply if employer-reviews deviate from employers' own statements¹

SOURCE 1: University Innsbruck, WU Wien, IFC FH Krems & Trendence, 2022

kununu accounts for ~1/3 of HR solutions business, with above average margin and growth

(2) kununu | Strong historic trajectory was continued and exceeded in in 2023 – indicating further growth potential going forward B

Strong Historic Trajectory since Acquisition… … Continued in 2023 google trend as brand success-indicator¹ unparalleled growth on large base

¹SOURCE: google trends, DE ²SOURCE: google analytics

>92m +16% YoY Platform sessions 2

>350k Employer profiles +14% YoY

>10m Workplace insights +27% YoY

Reorganization

In 2024, we will double down on strategy execution by restructuring and transforming the organization while improving cost structure

Core Strategic Measures in 2024 NWSE Winning Aspiration

• Full focus on proven core brands XING & kununu

transition from 'B2C only' to fully-fledged marketplaces, including decisive marketing-investments to further strengthen positionings

• Wind-down of other activities & investments discontinuation of new investments into onlyfy brand development and Honeypot standalone brand

• Reorganization of org structure from top to bottom

re-org and reduction of exec board & workforce by ~400 FTEs to eliminate redundancies and increase efficacy

• Streamlining towards operational efficiency improved strategic and operative steering & processes, new setup for product & tech, increased focus on eCommerce

Become recruiting partner #1 by winning talents

Financials

Recap | We confirm our pro-forma EBITDA guidance 2023 of € 92-100m

Guidance May 2023 Update 2023FY

pro-forma EBITDA guidance for 2023 of € 92-100m confirmed

Looking into 2024, the short-term outlook into macro environment poses a rather difficult structural headwind

• Employment Market Development² Unfilled positions (DE) 1.98 1.73 12/2022 09/2023 (13%) SOURCES 2: BA, IAB, KfW 101.4 107.7 104.7 100.3 97.0 2021 2022 2023 IAB barometer (DE, Index: 90 = very bad, 110: very good) Expected GDP Growth Outlook 2024 (in %)¹ SOURCES 1: Included institutes: ifo, EU, HWWI, OECD, IfW, RWI, IWH, OECD, Gem.-Diagnose, Bundesregierung, IAB Outlook lowered with each prognosis by all institutes

Guidance 2024 | Pro-forma EBITDA of € 55-65m driven by revenues, accelerated investments & cost savings from restructuring

Core P&L drivers in 2024

• Revenues declining

macro situation & ongoing transformation from B2C to B2B monetization

• Accelerated investments

doubling down on strategy execution in light of strong 2023 achievements

• Reorganization

organizational transformation from top to bottom to improve strategic efficacy & cost base

Guidance 2024

pro-forma EBITDA guidance of € 55-65m

aiming to return to margins of >30% & topline growth by doubling down on strategy in 2024

Revenues Investments Reorganization

Revenues 2024 impacted by macro, portfolio cleanups and ongoing transformation of monetization

Revenue 2024

Revenue-Effect 2024

pro-forma service

revenue of

€ 270-280m

+ HR Solutions	B2C	+	Mktg. Solutions
weak macro & smaller portfolio clean-ups	XING's strategic transformation		weak macro environment for advertising
slight revenue decline	double-digit revenue decline		double-digit revenue decline
	strategically intended

Revenues Investments Reorganization

Cost development (I):

driven by accelerated investments in XING and kununu…

Doubling down on proven core brands' strategies

Cost-Effects 2024 ff.

Revenues Investments Reorganization

Cost development (II):

… improving cost structure by reorganization

Strategic Reorganization & Transformation

Rationale & Objectives Measures double down on strategy execution towards reaching winning aspiration while sustainably improving cost structure Full focus on core brands Wind-down other invests Streamlining operations Exhaustive re-org (~400 FTE) Restructuring costs in 2024 Partial personnel savings in 2024 Full personnel savings in 2025ff.

Personnel cost quota to decline

Financial Impact

We aim to continue paying out dividends, but need to reduce them to a minimum level during transition due to local GAAP bottleneck

History of strong dividend distribution

• NWSE policy of continuous and sustainable dividend payment
• Since 2011 ~ € 250m in dividends paid or >40€ per share
• No decrease in regular dividend until today

Dividend-bottleneck by local GAAP

• Restructuring costs reduce local GAAP earnings (HGB) during strategic transition
• Local GAAP retained earnings determine dividend capacity – not IFRS retained earnings
• Local GAAP retained earnings structurally lower than IFRS

Implications on dividends during strategic transition

We aim to continue dividend payouts during transition at minimum level of €1 per share

Thank you for your attention.

Investor relations Contact details

Patrick Moeller VP Investor Relations NEW WORK SE Am Strandkai 1 20457 Hamburg Germany Tel.: +49 (0)40 419 131-793

Fax.: +49 (0)40 419 131-44 E-mail: patrick.moeller@new-work.se

https://www.new-work.se/en/investor-relations

ESG topics

https://www.new-work.se/en/Company-About-New-Work-SE/csr