Adesso Se · XETR:ADN1
Adesso — Q1 2025 Earnings Presentation
38 slides from Adesso's earnings presentation, May 2025
Slide 1: adesso SE | Company Presentation
adesso SE | Company Presentation 05/2025
Slide 2: Partner in Digital Transformation
PARTNER IN DIGITAL TRANSFORMATION adesso optimises the core business processes of companies by IT-Consulting, developing individual software and industry solutions. 05/2025 | 2
Slide 3: Profitable Growth
PROFITABLE GROWTH Constantly profitable €1.30 €1.35-1.45 billion billion Group sales 2024 Expected sales 2025 More than 10,400 12.4 % Employees Return on Equity (5Y average) adesso Group | as of 31 March 2025 05/2025 | 3
Slide 4: Top Employer 2025
TOP EMPLOYER 2025 Continuously creating an environment in which everyone can develop resonates with our employees. > Low bureaucracy > Entrepreneurial spirit > Common sense management > Over 75,000 applications at adesso SE, Germany > 84 % increase in applications* > Churn rate of ~8 % way below ind
Slide 5: Our Portfolio
OUR PORTFOLIO >>> business IT Services (about 90 % of Sales) Software IT Business Consulting IT Consulting Development Management Strategy > Process Process > Architecture Architecture > Application Application > Operation IT Solutions (about 10 % of Sales) Mobile Industry Solutions Solutions techno
Slide 6: Equity Story
EQUITY STORY adesso will expand to adesso has an adesso aims to have a adesso pays out a form one of the ambitious growth sustainable operating dividend and aims to leading integrated IT strategy and aims to margin for profitable raise it continuously companies for sector- grow by at least twice gro
Slide 7: Growth Model
GROWTH MODEL Tried-and-tested model for expanding sector-wide presence CONSULTING DEVELOPMENT SOLUTIONS INSURANCE Transfer of model to new sectors: BANKS > Start a new core sector every 2-3 years HEALTH > Latest additions: Retail, Utilities PUPLIC AUTHORITIES AUTOMOTIVE MANUFACTURING INDUSTRY Region
Slide 8: Sustained Sales Growth of ~24% p.a., Operating Profit Up ~26% p.a.
SUSTAINED SALES GROWTH OF ~24 % P.A. OPERATING PROFIT UP ~26 % P.A. 05/2025 | 8
Slide 9: Organic Growth
ORGANIC GROWTH a Organic Growth vs. Acquisition (in EUR m) Organic Growth vs. Acquisition (in %) 1,250 ® Acquisition 50 ® Acquisition I @ Organic @ Organic Previous year 1,000 _ 40 750 | 30 500 EnESE 20 7 250 EERE 10 a - = ™ = t=” 0 0 BS! DO: gO! cS: aM 2D: x 99: xO: AN 6B 6D 29 cas 2: ei ck BH QD D
Slide 10: Geographic Expansion | Growing (Inter)nationally
GEOGRAPHIC EXPANSION | GROWING (INTER)NATIONALLY GERMANY BULGARIA On the way to becoming a AUSTRIA FINLAND SWITZERLAND HUNGARY leading IT service provider INDIA in Europe. ITALY NETHERLANDS ROMANIA SAUDI ARABIA > 2,078 employees SPAIN outside of Germany SWEDEN TURKEY by the end of Q1 2025 UNITED ARA
Slide 11: Business Model
BUSINESS MODEL >> >> >> EPS / INNOVATION GROWTH GROWTH MARGIN DIVIDEND __________________________ __________________________ __________________________ Text Portfolio Expansion Grow each sector Utilisation New business models Enter new sectors Daily rates Product business Project efficiency Internat
Slide 12: adesso Insurance Solutions
ADESSO INSURANCE SOLUTIONS IN|SURE ECOSPHERE > Business Driver for growth and visibility in the insurance market > Product business catalysing further IT services > Licences > Building up a ramp of maintenance contracts > International Business in later stage 05/2025 | 12
Slide 13: International Expansion on Track
INTERNATIONAL EXPANSION ON TRACK: ADESSO GOES SWEDEN, ROMANIA, ITALY, INDIA, UK AND SAUDI ARABIA Recent progression of adesso’s geographic expansion > Acquisition of Purple Scout AB in Sweden (Malmö, Gothenburg, Borås, Växjö) to support footprint of adesso to the Nordics in 04/2022 > Expansion of Sm
Slide 14: M&A Development to Add Value and Foster Growth
M&A DEVELOPMENT TO ADD VALUE AND FOSTER GROWTH Acquisition Business Sales Employees Date arteno Consulting (merged SAP Consulting ~ EUR 2 m ~ 30 02/2024 onto adesso Turkey) Palmer AG (to be merged SAP Utilities EUR 2.5 m ~ 20 08/2023 onto adesso orange) Trieste Digital Solutions Private Ltd SmartSho
Slide 15: Update Q1 2025
UPDATE Q1 2025 smart urhAey
Slide 16: Strong Organic Growth
STRONG ORGANIC GROWTH > Sales growth split • Almost entirely by organic growth > Headcount • 6 % growth in average FTE • 5 % growth in YoY FTE 05/2025 | 16
Slide 17: Sales Split Q1 2025
SALES SPLIT Q1 2025 Sales by industry in EUR m Q1 2025 Δ yoy Recap 2024 Insurance 46.0 +9% +5% Banking 39.4 +3% +6% Health 43.1 + 37 % + 44 % Public 56.6 + 11 % + 12 % Automotive 14.1 -8% +6% Manufacturing 31.6 +6% +5% Retail 20.8 +4% + 10 % Utilities 34.1 + 25 % + 41 % Cross Industries 67.8 +9% + 1
Slide 18: Sales Split Q1 2025 (2)
SALES SPLIT Q1 2025 (2) Sales by region in EUR m Q1 2025 Δ yoy Recap 2024 Germany 295.5 + 13 % + 15 % Switzerland 30.4 -7% +4% Austria 9.2 + 21 % + 20 % Netherlands 4.0 + 14 % +8% Italy 4.5 + 28 % + 19 % Turkey 4.9 + 70 % + 64 % Other 5.0 +3% -5% 05/2025 | 18
Slide 19: Earnings on Previous Year's Level
EARNINGS ON PREVIOUS YEAR’S LEVEL Operating Earnings • EUR 2.6 m of previous year’s earnings from reversal of warranty provisions • Capacity utilisation improved • Increase of material costs due to temporary lower hiring momentum 05/2025 | 19
Slide 20: EBITDA Margin Impacted by Rise of Personnel Costs
EBITDA MARGIN IMPACTED BY RISE OF PERSONELL COSTS Key Figures in EUR m Q1 2025 Q1 2024 Δ yoy Employees (FTE, avg.) 10,417 9,854 +6% Sales 353.4 317.1 + 11 % Gross Profit 299.5 274.5 +9% Personnel costs 248.0 227.0 +9% Other operating expenses 38.3 37.1 +3% EBITDA 17.8 17.8 +1% EBITDA-margin (%) 5.1
Slide 21: Lower Pre-Tax Earnings Due to Depreciation
LOWER PRE-TAX EARNINGS DUE TO DEPRECIATION Key figures in EUR m Q1 2025 Q1 2024 Δ yoy EBITDA 17.8 17.8 +1% Depreciation plant & equipment - 15.7 - 13.7 + 15 % Depreciation ppa - 1.9 - 1.8 +2% Depreciation goodwill 0.0 0.0 - Income from investments - 0.1 - 0.5 Financial result - 2.5 - 2.4 -4% EBT -2.
Slide 22: Improved Net Working Capital
IMPROVED NET WORKING CAPITAL Key figures in EUR m 31.03.2025 31.03.2024 Δ yoy Cash 50.2 47.3 + 2.9 Financial debt 160.9 137.8 + 23.1 Return on Net Working Net-Debt - 110.6 - 90.5 - 20.1 Capital (RONWC) = 14.0% Operating Cash-Flow - 42.8 - 20.8 - 22.0 Net Working Capital 206.9 200.9 +3% Investment Ca
Slide 23: Cash Flow Development
CASH FLOW DEVELOPMENT Cash Flow in EUR m Q1 2025 Q1 2024 Δ yoy Operating Cash-Flow - 42.8 - 20.8 - 106 % CAPEX - 8.7 - 7.4 + 18 % Lease repayments - 10.4 - 9.2 + 13 % Free Cash Flow - 61.9 - 37.4 - 65 % FCF LTM per Share: 3.17 EUR/Share * Factoring 31.03.2025 at EUR 57 m compared to EUR 52 m as of 3
Slide 24: Guidance 2025
GUIDANCE 2025 Guidance 2025 > Ongoing market demand in IT Services despite recessionary environment > Guidance 2025 expects improved margin due to reduced investments and higher utilization > Earnings contribution mainly in H2 2025 with 7 more working days compared to H1 2025 > Catch-up effects and
Slide 25: Many Thanks!
05/2025 MANY THANKS! adesso SE Michael Knopp Member of the Executive Board Adessoplatz 1 44269 Dortmund Germany T +49 231 7000-7000 www.adesso-group.de/en/
Slide 26: Appendix
APPENDIX
Slide 27: References
REFERENCES MENSCH Barmenia EINFACH. MENSCHLICH. Aye war BUNDESWEHR ELE =!" VERSICHERUNGSGRUPPE @ PKV Verband der Privaten Krankenversicherung x” Alte Leipziger ALH Gruppe BARMER Continentale —— EnBW andsafe > BayernLB Wir finanzieren Fortschritt. COMMERZBANK ) eon LB=BW AOK @) fe | Bessestunseme des
Slide 28: Key Figures (Quarters)
KEY FIGURES (QUARTERS) in EUR k Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Profit situation Sales revenues 270,054 287,367 302,240 317,111 313,958 330,230 335,693 353,373 domestic 221,251 235,450 249,338 262,056 260,584 274,256 276,151 295,457 foreign 48,803 51,917 52,902 55,055
Slide 29: Key Figures (FY)
KEY FIGURES (FY) in EUR k 2018 2019 2020 2021 2022 2023 2024 Profit situation Sales revenues 375,648 449,704 523,375 678,324 900,253 1,135,903 1,296,992 domestic 308,742 360,987 413,053 550,232 744,178 930,561 1,073,047 foreign 66,906 88,717 110,322 128,092 156,075 205,342 223,945 EBITDA 32,975 48,1
Slide 30: Shareholder Structure
SHAREHOLDER STRUCTURE 05/2025 | 30
Slide 31: The Share
THE SHARE > Market Cap: EUR 633.3 million as at 31 March 2025 > Share price: EUR 97.10 as at 31 March 2025 > Average Analyst Price Target: EUR 123.43 > Free Float: 47.8 % 05/2025 | 31
Slide 32: adesso Share, Basic Data
ADESSO SHARE, BASIC DATA ISIN Code DE000A0Z23Q5 WKN (national securities identification number) A0Z23Q Symbol / Code ADN1 Reuters Instrument Code ADNGk.DE Bloomberg Symbol ADN1:GR First day of trading 21 June 2000 Trading platforms Xetra, Tradegate Exchange Market Segment Prime Standard Number of Sh
Slide 33: Shareholdings
SHAREHOLDINGS adesso’s national companies or branch offices adesso SE Dortmund IT-SERVICES Austrla Vienna | 100% Bulgaria Sofia | 100 % India Cochin | 100 % Italy Milan | 100 % Netherlands Amsterdam | 100 % Romania Bucharest | 100% Saudl Arabla Riyadh | 100% Spain Barcelona | 100 % Sweden Malmo | 10
Slide 34: Executive Board (1)
EXECUTIVE BOARD (1) Mark Lohweber CEO Mark Lohweber (born 1969) is a member of the Executive Board and is responsible for the operational business in the Banking and Insurance sectors as well as international business, including nearshoring and offshoring. As a member of the Executive Board, he is a
Slide 35: Executive Board (2)
EXECUTIVE BOARD (2) Michael Knopp Member of the Executive Board Michael Knopp (born 1966) is a member of the Executive Board and is responsible for the central areas of Finance, Investor Relations and Mergers & Acquisitions. Additionally, he is responsible for the investment adesso ventures GmbH. Mi
Slide 36: Supervisory Board
SUPERVISORY BOARD Six members experienced Prof. Dr. Volker Gruhn co-founder of adesso, professor for Software with high industry Chairman and Chairman of the Nomination Commitee Engineering knowledge Dr. Friedrich Wöbking e.g. former member of the executive board of Deputy Chairman Dresdner Bank and
Slide 37: Important Dates 2025
IMPORTANT DATES 2025 Date Event 2025-02-27 Roadshow Helsinki/Stockholm /w Berenberg 2025-03-27 Publication of the 2024 annual report, financial press / analyst conference 2025-05-12 Publication of the Quarterly Statement Q1 2025 2025-05-13 Spring Conference 2025, Frankfurt/Main 2025-06-03 Regular AS
Slide 38: Many Thanks!
05/2025 MANY THANKS! adesso SE Adessoplatz 1 44269 Dortmund Germany T +49 231 7000-7000 F +49 231 7000-1000 www.adesso.de/en www.adesso-group.de/en