Adesso Se · XETR:ADN1
Adesso — Investor Presentation (February 2025)
40 slides from Adesso's investor presentation, February 2025
Slide 1: adesso SE | Company Presentation
adesso SE | Company Presentation 02/2025
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. 02/2025
Slide 3: Profitable Growth
PROFITABLE GROWTH Constantly profitable €1,136 > €1,250 million million Group sales 2023 Expected sales 2024 More than 10,200 14.9 % Employees Return on Equity (5Y average) adesso Group | as of 30 September 2024 02/2025
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. 02/2025
Slide 9: Organic Growth
ORGANIC GROWTH Organic Growth vs. Acquisition (in EUR m) 1,250 ® Acquisition @ Organic » Previous year 1,000 ~ 750 500 oom mE , 7 250 Beeatwtnetntn = & ae fF e & & os @ Fi a iH HD 1 wN AV 2 db 6 nO WN 2d 19 OOAN AY GNF? RR NE RF! A RP RO RN NPN? PO OW a ee RR Ba RR Pe PP PP Organic Growth vs. Acquis
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 > 1,956 employees SPAIN outside of Germany SWEDEN TURKEY by the end of Q3 2024 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 02/2025
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: Recent M&A Development to Add Value and Foster Growth
RECENT 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 S
Slide 15: Update 9M 2024
UPDATE 9M 2024 02/2025
Slide 16: Strong Organic Growth
STRONG ORGANIC GROWTH > Sales growth split • Almost entirely by organic growth > Headcount • 14 % growth in average FTE 02/2025
Slide 17: Sales Split 9M 2024
SALES SPLIT 9M 2024 Sales by industry in EUR m 9M 2024 Δ yoy Recap 2023 Insurance 126.2 +4% + 21 % Banking 111.6 +7% + 20 % Health 103.4 + 48 % + 20 % Public 153.7 + 14 % + 22 % Automotive 43.8 + 13 % +4% Manufacturing 90.8 +7% + 17 % Retail 58.8 +9% + 61 % Utilities 90.7 + 43 % + 74 % Cross Industr
Slide 18: Sales Split 9M 2024 (2)
SALES SPLIT 9M 2024 (2) Sales by region in EUR m 9M 2024 Δ yoy Recap 2023 Germany 796.9 + 17 % + 28 % Switzerland 96.1 +5% +9% Austria 22.6 + 20 % +8% Netherlands 10.5 + 10 % + 16 % Italy 10.4 + 20 % - Turkey 10.1 + 29 % + 24 % Other 14.7 -9% + 53 % 02/2025
Slide 19: Improved Earnings in Q3
IMPROVED EARNINGS IN Q3 Operating Earnings • Earnings grew overproportionately to Sales • Capacity utilisation improved in Q3 • One additional working day in Q3 compared to Q3 2023 • Still high burdens from investments in the IT Solutions segment and less licence sales 02/2025
Slide 20: EBITDA Margin Slightly Improved
EBITDA MARGIN SLIGHTLY IMPROVED Key Figures in EUR m 9M 2024 9M 2023 Δ yoy Employees (FTE, avg.) 9,979 8,778 + 14 % Sales 961.3 833.7 + 15 % Gross Profit 827.5 713.7 + 16 % Personnel costs 664.7 572.4 + 16 % Other operating expenses 111.3 97.5 + 14 % EBITDA 66.5 53.5 + 24 % EBITDA-margin (%) 6.9 6.4
Slide 21: Pretax-Earnings at +51%
PRETAX-EARNINGS AT +51% Key figures in EUR m 9M 2024 9M 2023 Δ yoy EBITDA 66.5 53.5 + 24 % Depreciation plant & equipment - 43.3 - 34.7 + 25 % Depreciation ppa - 5.7 - 7.2 - 21 % Depreciation goodwill 0.0 0.0 - Income from investments - 1.6 - 0.8 Financial result - 8.6 - 6.0 - 45 % EBT 7.3 4.9 + 51
Slide 22: Financial KPIs: Net Working Capital Reduced by 15%
FINANCIAL KPIS: NET WORKING CAPITAL REDUCED BY – 15% Key figures in EUR m 30.09.2024 30.09.2023 Δ yoy Cash 41.5 42.4 - 1.0 Financial debt 143.0 177.7 - 34.7 Return on Net Working Net-Debt - 101.5 - 135.2 + 33.7 Capital (RONWC) = 13.1% Operating Cash-Flow 17.0 - 40.7 + 57.7 Net Working Capital 216.2
Slide 23: Cash Flow: Record FCF LTM Supported by Factoring
CASH FLOW: RECORD FCF LTM SUPPORTED BY FACTORING* Cash Flow in EUR m 9M 2024 9M 2023 Δ yoy Operating Cash-Flow 17.0 - 40.7 + 142 % CAPEX - 21.2 - 23.5 + 10 % Lease repayments - 26.6 - 20.3 - 31 % Free Cash Flow - 30.7 - 84.5 + 64 % FCF LTM per Share: 10.42 EUR/Share * Factoring 30.09.2024 at 60 m co
Slide 24: Preliminary Figures 2024 / Guidance 2025
PRELIMINARY FIGURES 2024 / GUIDANCE 2025 Guidance 2024 (revised after HY1) widely met > Market demand in IT Services continuously strong (Sales growth: +14 %) > Improved capacity utilisation in HY2 allows FY EBITDA improvement of +23 % > Dividend proposal: increase to EUR 0.75 per share > Guidance 2
Slide 25: Share Buyback 2024/25 Completed
SHARE BUYBACK 2024/25 COMPLETED > In October 2024, adesso‘s Executive Board had decided to carry out 11 October 2024 > adesso publishes statement to a Share Buyback program start a Share Buyback program > A total of 121,091 shares (1.9 % of company’s share capital) have been bought back from 17 Octo
Slide 26: Many Thanks!
02/2025 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 27: Appendix
APPENDIX
Slide 28: References
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Slide 29: Key Figures (Quarters)
KEY FIGURES (QUARTERS) in EUR k Q4/2022 Q1/2023 Q2/2023 Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Profit situation Sales revenues 246,675 276,242 270,054 287,367 302,240 317,111 313,958 330,230 domestic 202,619 224,522 221,251 235,450 249,338 262,056 260,584 274,256 foreign 44,056 51,720 48,803 51,917
Slide 30: Key Figures (FY)
KEY FIGURES (FY) in EUR k 2017 2018 2019 2020 2021 2022 2023 Profit situation Sales revenues 321,590 375,648 449,704 523,375 678,324 900,253 1,135,903 domestic 259,990 308,742 360,987 413,053 550,232 744,178 930,561 foreign 61,600 66,906 88,717 110,322 128,092 156,075 205,342 EBITDA 25,378 32,975 48
Slide 31: Shareholder Structure
SHAREHOLDER STRUCTURE 02/2025
Slide 32: The Share
THE SHARE > Market Cap: EUR 574.0 million as at year-end 2024 > Share price: EUR 88.00 as at year-end 2024 > Average Analyst Price Target: EUR 123.71 > Free Float: 47.8 % 02/2025
Slide 33: 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 34: Shareholdings
SHAREHOLDINGS adesso’s national companies or branch offices Austria Vienna | 100% Bulgaria Sofia | 10 Finland Espoo/Helsinki | 100% adesso SE Dortmund IT-SERVICES Indla Cochin | 10 Italy Milan | 1 Netherlands Ar terdam | | 100% Saudi Arabla Riyadh | 100% Spain Barcelon 100% Sweden M almo | 100 % Swi
Slide 35: Executive Board (1)
EXECUTIVE BOARD (1) Mark Lohweber CEO Mark Lohweber (born 1969) is a member of the Management 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
Slide 36: Executive Board (2)
EXECUTIVE BOARD (2) Michael Knopp Member of the Executive Board Michael Knopp (born 1966) has been a member of the Executive Board of adesso SE since 15 January 2025 and will gradually take over the responsibilities of Jörg Schroeder, who will leave the Executive Board on 30 April 2025. As a member
Slide 37: 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 38: 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 39: Slide 39
Slide 40: Many Thanks!
02/2025 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