New Work SE — Investor Presentation 2023

Aug 14, 2023

RESULTS PRESENTATION

Q2 2023

HAMBURG, AUGUST 14, 2023

DISCLAIMER

This presentation was produced in August 2023 by NEW WORK SE (the "Company") solely for use as an information source for potential business partners and is strictly confidential. It has been made available to you solely for your own information and may not be copied, distributed or otherwise made available to any other person by any recipient. This presentation is not an offer for sale of securities in the United States. The distribution of this presentation to you does not constitute an offer or invitation to subscribe for, or purchase, any shares of the XING SE and neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever.

The facts and information contained herein are as up-to-date as is reasonably possible and are subject to revision in the future. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors nor any other person makes any representation or warranty, express or implied as to, and no reliance should be placed on, the accuracy or completeness of the information contained in this presentation. Neither the Company nor any of its subsidiaries, any directors, officers, employees, advisors or any other person shall have any liability whatsoever for any loss arising, directly or indirectly, from any use of this presentation. The same applies to information contained in other material made available at the presentation.

While all reasonable care has been taken to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this document is selective in nature and is intended to provide an introduction to, and overview of, the business of the Company. Where any information and statistics are quoted from any external source, such information or statistics should not be interpreted as having been adopted or endorsed by the Company as being accurate.

This presentation contains forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which the Company operates. These statements are generally identified by words such as "believes," "expects," "predicts," "intends," "projects," "plans," "estimates," "aims," "foresees," "anticipates," "targets," and similar expressions. The forward-looking statements, including but not limited to assumptions, opinions and views of the Company or information from third party sources, contained in this presentation are based on current plans, estimates, assumptions and projections and involve uncertainties and risks. Various factors could cause actual future results, performance or events to differ materially from those described in these statements. The Company does not represent or guarantee that the assumptions underlying such forward-looking statements are free from errors nor do they accept any responsibility for the future accuracy of the opinions expressed in this presentation. No obligation is assumed to update any forward-looking statements.

This presentation speaks as of June 2023. Neither the delivery of this presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

IMPORTANT NOTICE

Pro-forma results

Results contained in this presentation are partly based on unaudited pro-forma financial results that the Company derived from its preliminary and past financial statements for the indicated periods in order to make these periods comparable and show non-recurring costs.

Cautionary note regarding preliminary results and pro-forma financial results

This presentation contains preliminary results and pro-forma results. The preliminary results may change during their final review. While the Company believes that its pro-forma financial results are reflective of its recurrent trends and the on-going status of its business, there can be no assurance that its pro-forma results will accurately reflect these trends and status and therefore, its investors are urged not to rely solely upon the pro-forma results when making their investing decision and the pro-forma results should always be reviewed together with its actual financial results.

MARKET ENVIRONMENT GOT WORSE - GERMANY NOW IN RECESSION EMPLOYMENT MARKET NEGATIVELY AFFECTED

ifo Geschäftsklima

2022

2023

2021

Sep 18

134

Beurteilung der Geschäftslage Geschäftserwartungen

2023

Mai 22

© ifo Institut

EXECUTIVE SUMMARY Q2 2023: KPIS REFLECT SHORT-TERM HEADWINDS BUT: MID & LONG-TERM POTENTIAL UNCHANGED

FINANCIAL PERFORMANCE

SEGMENT HIGHLIGHTS

B2B:

6% revenue growth with HR solutions in a ٠ worsening employment market sentiment

B2C:

• kununu strongest growth in history with $\blacksquare$ >2.1m new workplace insights yoy
• 0.9m new members @XING yoy ٠

NWX23 - the leading event in D-A-CH for the future of work

NWX-Festival

• 2,500 visitors in 4 locations und more than 9 hours festival program.

• More than 150 speakers on 16 stages from the fields of business, politics, culture and Science spoke about their visions of a future working world.

• All three major brands of NEW WORK SE were the central senders of this year's NWX.

• kununu organised workshops and speeches on the topic of employer branding
• XING organised a special job festival at which renowned companies had the chance to apply to the young talents.
• onlyfy by XING held and curated keynotes and masterclasses with a focus on recruiting

presented by

Kununu³ XXING

onlyfy

NEW WORK Award

The NEW WORK Award was given to three different people, concepts and initiatives that actively shaped the world of work with new ideas and impulses.

yoy

Job preferences

Define your job search as clearly as possible to receive better recommendations.

Visible to: Recruiters $\rightarrow$

Select your jobseeker status

• Actively looking for a job.
• $\odot$ Not looking for a job but open to offers.
• Not interested right now.

Your job preferences

Job titles	What are your preferred job titles?
Discipline What's your preferred discipline?
Cities	What are your preferred cities?

XXING

• +0.9m new XING members yoy
• 140k new XING members in Q2
• Example 1 Control Launch of "preferences" incl. marketing campaign
• New partnerships to address young audience #karriereguru #Staufenbiel Institut

Bertrandt Group Veröffentlicht am 02.08.2023 Ingenieur (m/w/d) im Fahrzeugbau bertrandt N Bewerben Hamburg Vollzeit Was kununu User:innen über diesen Arbeitgeber Geschätztes Gehalt Kulturfaktoren Benefits Mitarbeiter:inner Das könntest du laut kununu User: innen als Ingenieur Zufriedenheit Flexible Arbeitszeiten Fahrzeugtechnik in Deutschland verdienen ← Kollegen helfer 64% $3.4 + + + +$ ✓ Kundenorientiert handeln kununu Score $P$ Parkplatz Ø 57.500€ $\checkmark$ Sich kollegial verhalter Bruttodurchschnittsgehalt Vollzeit $69%$ Weiterempfehlung 33,900 $\epsilon$ $97500E$ Mehr Einblicke $>2m$ yoy

New "Preferences" section

kununu

• Strongest growing growth in history $w/$ >2m workplace insights yoy
• Launch of "kununu jobs" through onlyfy-platform
• >500k new workplace insights in Q2
• 9.3m workplace insights incl. 3.1m salary datapoints

HR SOLUTIONS & TALENT ACCESS SUBSCRIPTION CUSTOMER BASE STABLE ON BACK OF NEGATIVE EMPLOYMENT MARKET

• HR Solutions contributes 70% of NW SE group sales ٠

• Employer branding continues to growth double-digit л

• Passive Sourcing: transactional (job ads) down significantly

• Onlyfy one (ATS) up double-digit

Q2 RESULTS 2023

Q2 2023 FINANCIAL HIGHLIGHTS

Revenues came in at $\epsilon$ 75.8

We continue to grow talent access via kununu and XING

Pro-forma EBITDA came in at € 22.9m

Operating cash-flow came in at $\epsilon$ 16.7m

We are confirming our pro-forma EBITDA guidance of $\epsilon$ 92-100m

Q2 23: REVENUES OF € 75.8; PRO-FORMA EBITDA OF € 22.9M^*

Pro-forma	Q2 2023	Q2 2022	Q2 23 vs. Q2 22	Q1 2023**	Q2 23 vs. Q1 23
	Abs.	Abs.	Rel.	Abs.	Rel.
Service revenues	75.8	78.0	(3%)	75.9	0%
Other operating income	1.4	0.7	97%	0.7	87%
Capitalized own work	6.2	4.7	34%	7.5	(17%)
Costs before capitalization	(60.3) (60.5)	(55.6)	(8%)	(68.7) (66.3)	12%
EBITDA	22.9 23.1	27.8	(17%)	17.9 15.5	49%
Margin	31% 30%	36%	$(5\%pts)$	20% 24%	10%pts
D&A	(9.2)	(9.9)	8%	(7.2)	(27%)
Financial result	0.2 0.5	(0.9)	(0.3) 158%	0.0 0.4	39%
Taxes	(4.5) (4.3)	(5.7)	(5.9) 22%	(1.6) (2.3)	(173%)
Net income	10.0 9.7	11.2	(11%) 11.7	7.0 8.4	43%
EPS	1.78 1.72	2.00	(11%) 2.08	1.25 1.50	43%

* Continued operations

** Q1 pro-forma retroactively adjusted

Rounding differences possible

Q2 23 REPORTED SEGMENT EBITDA

	Segment EBITDA Q2 23	Q2 23 Margin	Segment EBITDA Q2 22	Q2 22 Margin	Delta Comment
HR Solutions & Talent Access	13.6	25%	16.2	32%	• Continued investments in talent access and repositioning
B 2 C	10.9	58%	13.3	59%	• Expected decline given focus on B2B monetization and talent access
B2B Marketing Solutions	0.0	0%	0.5	10%
Central & Other	(1.3)		(2.2)
Total EBITDA	23.1	31%	27.8	36%	Rounding differences possible

Q2 23 SERVICE REVENUES: HR SOLUTIONS & TALENT ACCESS SEGMENT GROWING 6% - ACCOUNTING FOR 70 % OF TOTAL GROUP SALES

HR Solutions & Talent Access B₂C B2B Marketing Solutions

Q2 23 COST DEVELOPMENT

Rounding differences possible

	Q2 23	Q2 22	Q2 23 vs. Q2 22	Q1 23	Q2 23 vs. Q1 23
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA from continued operations	23.1	27.8	(4.7)	15.5	7.6
Interest / tax / other	(2.5)	(3.5)	1.1	(3.5)	1.0
Change in net working capital	(3.6)	(9.7)	6.1	21.7	(25.3)
$\blacktriangle$ from discontinued operations	$-0.4$	$-0.2$	$-0.3$	0.2	(0.6)
Operating cash flow	16.7	14.4	2.2	33.9	(17.2)
Investment $-$ operating	(9.0)	(5.5)	(3.5)	(9.0)	0.0
Investment $-$ acquisitions & joint venture	0.0	0.0	0.0	0.0	0.0
Investment - financial assets	0.0	0.0	0.0	0.0	0.0
Interests paid, lease liabilities, FX rate diff. & rest	(2.2)	(2.4)	0.2	(2.5)	0.3
$\blacktriangle$ from discontinued operations	0.0	$-0.2$	$+0.2$	(0.1)	0.1
Cash flow excl. dividends	5.5	6.3	(0.9)	22.3	(16.8)
Regular dividend	(17.8)	(15.7)	(2.0)	0.0	(17.8)
Special dividend	(20.0)	(20.0)	0.0	0.0	(20.0)
Cash flow	(32.3)	(29.4)	(2.9)	22.3	(54.6)

RESULTS PRESENTATION

Q2 2023

HAMBURG, AUGUST 14, 2023

INVESTOR RELATIONS CONTACT DETAILS & SOCIAL MEDIA CHANNELS

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/investorrelations

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