New Work SE

Investor Presentation • May 7, 2024

NEW WORK SE Q1 24 earnings presentation

May 7, 2024

Employment market indicators as key drivers for demand in recruiting solutions continue to be muted even vs. weak 2023

Development of labour demand (BA-X index)¹

Unfilled positions yoy (DE) 777 707 03/23 03/24 1.140 778 03/23 03/24 Paid online job postings yoy (DE) (9%) (32%)

Development job vacancies and job ads²

SOURCE 1: Federal employment agency SOURCES 2: Federal employment agency & anzeigendaten.de

Q1 2024: Soft start into 2024 as expected given weak employment market and increased investments into XING and kununu

68m	Pro-forma service revenues	50m	Pro-forma service revenues in HR Solutions & Talent Access segment
9m	Pro-forma EBITDA	14.3k	B2B HR Subscription Solutions customers
13%	Pro-forma EBITDA margin	+2.4m	Workplace Insights @kununu
1m	Pro-forma Net Income	+0.6m	New XING profile / CV registrations

Q1 2024: Financial KPIs impacted by investments in repositioning of XING and ongoing weakness in employment market

Restructuring Update | Reorganization on track

Recap January 11, 2024

• New org-structure built around XING & kununu in place since April
• Smooth overall process
• ~ 85% of cost savings achieved
• One-time expenses of € 24.2m
• Full year savings effect in 2025

HR Solutions XING kununu

HR solutions subscription customer base stable in Q1 24 Employer branding with double-digit growth

HR B2B subscription customers (Pro-forma) segment revenues

Job-ads can be AI-optimized to improve readability and comprehensibility

Employer branding based on kununu growing double-digit and accounts for more than 1/3 of segment revenues with over proportional segment EBITDA contribution

Passive Sourcing: Job ads down given weak employment market HR Solutions XING kununu

XING | Focused marketing and product investments to drive positioning as Jobs-Network (I)

Marketing invest supporting "Jobs" focus Online Video & TV

• Overall campaign reach above plan
• Successful brand campaign with KPIs above competition, basis for shift of external XING perception
• Effective first season of Baller League sponsoring

*vs. Indeed (Indeed statt Ausreden) 30%; StepStone (helping hand) 27%

XING | Focused marketing and product investments to drive positioning as Jobs-Network (II)

HR Solutions XING kununu

Product improvements supporting new "Jobs" focus

• Improved jobseeker preferences
• Upgraded "instant apply" functionality B2C value
  • Redesigned "search results"
• New Recruiter profile B2B
• value
• "Preferences" integration into Talentmanager

HR Solutions XING kununu

XING | Jobs-Network KPIs continue to develop nicely

XING's repositioning towards 'jobs network' is fully on track!

kununu | Constant delivery of user and customer value with several marketing initiatives and product launches

Marketing initiatives & product improvements

• "Gender pay gap"- campaign + product features
• New brand campaign: "first kununu, then apply"
• Launch of "career path" indicator
• Relaunch of digital kununu widget

HR Solutions XING kununu

kununu | kununu with a great start into 2024 – taking over #1 position in salary data in Germany

¹SOURCE: SimilarWeb (March 2024, DE)

Results Q1 2024

• Revenues of € 68.2m
• We keep growing our talent access through XING and kununu
• Pro-forma EBITDA at € 9.0m
• Confirming pro-forma EBITDA guidance of € 55-65m

Q1 24: Revenues of € 68.2m; Pro-forma EBITDA of € 9.0m

	Q1 2024		Q1 2023		Q1 24 vs. Q1 23	Q4 2023		Q1 24 vs.Q4 23
	Abs.		Abs.		Rel.	Abs.		Rel.
Service revenues	68.2		75.9		(10%)	78.2		(13%)
Other operating income	3.8		0.7		404%	1.2		209%
Capitalized own work	5.1		7.5		(32%)	4.5		15%
Costs before capitalization	(92.3)	(68.1)	(68.7)	(66.3)	(34%)	(56.3)	(55.8)	(64%)
EBITDA	(15.2)	9.0	15.5	17.9	(198%)	27.6	28.1	(155%)
Margin in %	(22)	13	20	24	(43%pts)	35	36	(58%pts)
D&A	(8.6)	(5.8)	(7.2)		(19%)	(19.6)		56%
Financial result	0.5	0.2	0.4	0.0	33%	0.9	0.5	(42%)
Taxes	6.3	(2.3)	(1.6)	(2.3)	485%	(2.6)	(2.7)	345%
Net income	(16.9)	1.1	7.0	8.4	(340%)	6.3	6.4	(367%)
EPS	(3.01)	0.20	1.25	1.50	(340%)	1.12	1.14	(367%)

Pro-forma

Q1 24: Segment EBITDA

	Segment EBITDA Q1 24		Margin	Segment EBITDA Q1 23		Margin	Delta Comment for pro-forma EBITDA
HR Solutions & Talent Access	(12.6)	(0.3)	Neg.	7.7	9.0	17%	Increased investments vs. Q1 23 - Marketing campaign - kununu
B2C	4.4	8.0	50%	10.3	11.1	57%	Expected decline given focus on B2B monetization and talent access
B2B Marketing Solutions	(1.5)	(0.3)	Neg.	(0.1)	0.1	3%	Slowdown on back of general ad-market weakness and fewer ad impressions
Central & Other	(5.5)	1.7	44%	(2.4)	(2.3)	Neg.
Total EBITDA	(15.2)	9.0	13%	15.5	17.9	24%

Pro-forma

Rounding differences possible

Q1 24 service revenues: Employment market weakness weighs on HR solutions & XING repositioning affecting B2C monetization

Q1 24: Cost development: pro-forma costs already down on back of tight cost measures in 2023 Pro-forma One-time

expenses

restructuring expenses

Q1 24: Operating cash flow of €7.5m

	Q1 2024	Q1 2023	Q1 24 vs. Q1 23	Q4 23	Q1 24 vs. Q4 23
	Abs.	Abs.	Abs.	Abs.	Abs.
EBITDA	(15.2)	15.6	(30.8)	27.6	(42.8)
Interest / tax / other	(3.8)	(3.5)	(0.3)	(12.8)	9.0
Change in net working capital	26.4	21.8	4.6	(10.7)	37.1
Operating cash flow	7.5	33.9	(26.5)	4.2	3.3
Investment – operating	(5.2)	(9.1)	3.9	(5.3)	0.1
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	(2.8)	(2.5)	(0.3)	(2.4)	(0.5)
Cash flow excl. dividends	(0.6)	22.3	(22.9)	(3.5)	3.0
Regular dividend	0.0	0.0	0.0	0.0	0.0
Special dividend	0.0	0.0	0.0	0.0	0.0
Cash flow	(0.6)	22.3	(22.9)	(3.5)	3.0

Guidance 2024 | Pro-forma EBITDA of € 55-65m

Recap from January 11, 2024:

We confirm our pro-forma EBITDA guidance from January 2024

NEW WORK SE Q1 24 earnings presentation

May 7, 2024

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

ESG @ NEW WORK SE

ESG @ New WORK SE Our strategic action areas and material topics

Employees Products

• Occupational health and safety
• Human resources development
• Diversity and equal opportunities

• Product development and promise
• Information security
• Personal rights and informational selfdetermination

Environment Society

• Energy and emissions
• Environmental impacts in the supply chain

Foundation: Governance

The review of our materiality analysis revealed that respecting human rights and fighting corruption and bribery are not material topics for New Work SE under the CSR-RUG. That's why we are not reporting any plans pertaining to these issues under the German Commercial Code.

²Not identified as a material topic in the materiality analysis; due to its high strategic relevance for New Work SE, this topic's relevance was upgraded and the topic was included in the CSR roadmap.

ESG @ New WORK SE Our goals for 2025 at a glance

Employees Society

Recommendation rate

≥ 80% kununu overall score ≥ 4.0 on average for the year

Maintain the quality

of content in our offers supporting the physical and mental health of employees

Internal recommendation rate for our seminars and training courses

≥ 60%

Equal opportunity & diversity

are very important to us as an employer. We aim to achieve an annual average kununu score of ≥ 4 by 2025.

Annual

skills

180°

feedback to strengthen and enhance leadership

security to protect our systems

Tested

≥ 50%

kununu Culture Score.

than double by 2025

Planning of at least 2 internal

audits/year

the 2021 number of 4.8 million is expected to more

Products and Services

kununu Workplace

Insights ≥ 9.6 million

of the job ads on XING will be integrated into the

to be carried out from 2025 Contents: company technologies and practices that impact user data

Develop a method to measure and strengthen our

personal and social added value

Environment

Climate-neutral operation of

100%

of all data centers and cloud services from 2025

Climate neutrality¹

Long-term: define net zero target

¹Climate neutrality means that when carbon emissions cannot be avoided by a company these are offset by high-quality carbon reduction certificates (certified climate change mitigation projects).

26 New Work SE Q1 24 Results