New Work SE

Investor Presentation • May 1, 2024

NEW WORK SE Investor Presentation

Hamburg, May 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

4 New Work SE Investor Presentation

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

XING | How XING's repositioned jobs-network ensures to drive number, quality, and recency of profiles to drive B2B monetization A

Strategic Edge Differentiated positioning Ongoing CV-base recency ensured Hard to copy for competitors

Levers to drive CV quality recency
Job recommendations	Value-based user incentive
Job applications	Automated CV updates
Salary benchmarks	More interaction / log ins
CV editor relaunch	More well-described CVs
Recruiter-visibility	Retained self-actualization
Preferences unfenced	Improved profile quality
Network updates	Retained self-actualization
Marketing	Higher jobseeker traffic

User Value-Adds

• My profile allows me to leverage my job network for open roles & peer-to-peer recommendations
• My profile allows me to receive job recos that match my individual preferences and possibilities
• My profile allows me to get relevant offers from recruiters which I would otherwise not

XING | Jobs-Network KPIs continue to develop nicely

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

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

¹SOURCE: SimilarWeb (March 2024, DE)

²vs. Gehalt.de (3.6m salaries)

Reorganization

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

Financials

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

Development job vacancies and job ads²

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

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 2026

Revenues Investments Reorganization

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

Revenue 2024

Revenue-Effect 2024

HR Solutions	+ B2C	+ Mktg. Solutions
weak macro & smaller portfolio clean-ups	XING's strategic transformation	weak macro environment for advertising
			pro-forma service
slight revenue decline	double-digit revenue decline	double-digit revenue decline	revenue of € 270-280m
	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

Results FY 2023

FY 2023:

Updated revenue and Pro-forma EBITDA targets achieved

306m	Pro-forma service revenues	219m	Pro-forma service revenues in HR Solutions & Talent Access segment
97m	Pro-forma EBITDA	14.3k	B2B HR Solutions customers
32%	Pro-forma EBITDA margin	+2.3m	Workplace Insights @kununu
39m	Pro-forma net income	+0.6m	New XING profile / CV registrations

2023: Financial KPIs flat or down YOY on back of weak macro

HR solutions & talent access subscription customer base slightly down on back of negative employment market

HR B2B subscription customers (Pro-forma) segment revenues

HR Solutions contributes 72% of NW SE group sales 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 macro

XING | branding campaign driving perception shift from social network to jobs-network

Baller League Sponsoring

kununu | Focused investments in new HR products and improved user experience through leveraging AI for kununu consumers

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Job ads @kununu AI Summarizer @kununu Top company seal @kununu

• Revenues of € 305.6m
• We keep growing our talent access through XING and kununu
• Pro-forma EBITDA at € 97.1m
• Regular dividend recommendation of 1€ per share as announced on Jan 11

2023 P&L: € 305.6M revenues and € 92.9M EBITDA

	2023		2022		2023 vs. 2022	2023 vs. 2022
	Abs.		Abs.		Rel.	Abs.
Service revenues	305.6		313.4		(2%)	(7.8)
Other operating income	4.1		3.0		+36%	1.1
Capitalized own work	24.1		20.7		+16%	3.3
Costs before capitalization	(240.8)	(236.7)	(233.0)		(3%)	(7.9)
EBITDA	92.9	97.1	104.1		(11%)	(11.2)
Margin	30%	32%	33%		(3%pts)	(3%pts)
D&A	(44.1)		(37.9)		(16%)	(6.1)
Financial result	2.2	0.9	(2.8)	(1.1)	179%	5.0
Taxes	(14.2)	(15.1)	(17.3)	(17.9)	18%	3.1
Net income	36.9	38.8	46.1	47.3	(20%)	(9.2)
EPS	6.56	6.90	8.20	8.41	(20%)	(1.64)

Pro-forma

Rounding differences possible

Segment EBITDA: HR Solutions & Talent Access down given deliberate investments

	Segment EBITDA 2023	2023 Margin	Segment 2022	2022 Margin
HR Solutions & Talent Access	57.6	26%	62.9	30%
B2C	39.3	54%	50.0	56%
B2B Marketing Solutions	1.9	14%	3.1	19%
Tech, Central Services & Other	(6.0)		(11.8)
Total EBITDA	92.9	30%	104.1	33%

2023 service revenues: HR Solutions growing despite bad macro situation; B2C down given focus on Talent Access and B2B monetization

Rounding differences possible

2023: Free cash flow (before dividends) of € 36.0m

	2023	2022	2023 vs. 2022	2023 vs. 2022
	Abs.	Abs.	Rel.	Abs.
EBITDA from continued operations	92.9	104.1	(11%)	(11.1)
Interest / tax / other	(24.7)	(19.6)	(26%)	(5.1)
Change in net working capital	(6.5)	(4.0)	(61%)	(2.5)
Discontinued operations	(0.1)	(1.4)	107%	1.5
Operating cash flow excl. organizer cash	61.9	79.2	(22%)	(17.3)
Investment – operating	(28.7)	(28.4)	(1%)	(0.3)
Investment – financial assets	12.2	(0.4)		12.5
Lease liabilities, FX rate diff. & rest	(9.3)	(5.7)	(63%)	(3.6)
Discontinued operations	(0.1)	(0.6)	(87%)	0.6
Cash flow before dividends	36.0	44.1	(18%)	(8.0)
Regular dividend	(17.8)	(15.7)	(13%)	(2.0)
Special dividend	(20.0)	(20.0)	0%	0.0
Cash flow	(1.7)	8.3		(10.1)

Rounding differences possible

Results Q1 2024

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

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

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

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

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

Rounding differences possible

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

Thank you for your attention.

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

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 180°

feedback

to strengthen and enhance leadership skills

Products and Services Employees Society

≥ 50%

Tested

systems

security to protect our

of the job ads on XING will be integrated into the kununu Culture Score.

kununu Workplace Insights ≥ 9.6 million

the 2021 number of 4.8 million is expected to more than double by 2025

Planning of at least

2 internal

audits/year

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).

49 New Work SE Investor Presentation

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