adesso SE · XETR:ADN1
adesso — Q1 2026 Earnings Presentation
35 slides from adesso's earnings presentation, May 2026
Slide 1: Investor Presentation
Investor Presentation 05/2026
Slide 2: About adesso
About adesso adesso is optimising the core business processes of enterprises by providing consulting services and building tailor-made software and industry solutions. 2 05/2026
Slide 3: Profitable Growth
Profitable Growth €1.47 €1.60-1.70 billion billion Group sales 2025 Expected sales 2026 About 11,500 10.3% Employees Return on Equity (5Y average) adesso Group | as of 31 March 2026 3 05/2026
Slide 4: Our Portfolio
Our Portfolio business IT Services (> 90% of Sales) Business Software IT Consulting IT Management Consulting Development Strategy > Process Process > Architecture Architecture > Application Application > Operation IT Solutions Industry Solutions technology 4 05/2026
Slide 5: Equity Story
Equity Story 01 adesso will expand to form one of the leading integrated IT companies for sector-specific business processes in Europe From development to goals 02 adesso has an ambitious growth strategy and aims to grow by at least twice the rate of the market (plus M&A) 03 adesso aims to have a su
Slide 6: Growth Model
Growth Model Tried-and-tested model for expanding sector-wide presence Transfer of model to new sectors: CONSULTING DEVELOPMENT SOLUTIONS > Start a new core sector every 2-3 years INSURANCE > Latest additions: Retail, Utilities BANKS HEALTH Regional expansion PUPLIC AUTHORITIES AUTOMOTIVE Creation o
Slide 7: Close to our clients and people: We're located where the projects take place.
Close to our clients and people: We’re located where the projects take place. Borås Helsinki Gothenburg Stockholm Växjö Kiel Stralsund Malmo Neumuenster Rostock Nieuwegein Hamburg Bremen London Berlin Brussels Budapest Hanover Muenster Bucharest International & SmartShore Milan Essen Paderborn Sofia
Slide 8: Sustained sales growth of ~22 % p.a. Operating profit up ~24 % p.a.
Sustained sales growth of ~22 % p.a. Operating profit up ~24 % p.a. 8 05/2026
Slide 9: Organic Growth
© Organic Growth Organic Growth vs. Acquisition (in EUR m) 1,500 1,250 1,000 750 500 250 0 Ce) S \x fo XS sf Na sf © “ er fF FP YS mPrevious Year mOrganic mAcquisition * Restated value Organic Growth vs. Acquisition (in %) 50 40 30 20 10 SN) 07 Ce) “~ “\' “ = ~ ‘S) S) 17 x sv VJ \x s S) S Sv Ne so e
Slide 10: Business Model
Business Model Innovation Growth Margin Portfolio Expansion Grow each sector Utilisation New business models Enter new sectors Daily rates EPS/Dividend Product business Project efficiency International business License & Maintenance Recruiting Costs/changes per FTE: - Personnel to daily rates - M&A
Slide 11: Update Q1 2026
Update Q1 2026 11 05/2026
Slide 12: Strong Organic Growth
Strong Organic Growth Sales growth split 13% organic growth Headcount 10% growth in average FTE 12 05/2026
Slide 13: Sales Split Q1 2026
Sales Split Q1 2026 Sales by industry in EUR m Q1 2026 Δ yoy Recap 2025 Insurance 57.0 + 30% + 20% Banking 45.0 + 14% + 9% Health* 38.5 + 11% + 46% Public 59.5 + 5% + 11% Automotive 11.3 - 20% - 4% Manufacturing* 46.5 + 17% + 3% Retail 23.6 + 14% + 6% Utilities 44.6 + 31% + 24% Cross Industries 72.1
Slide 14: Sales Split Q1 2026 (2)
Sales Split Q1 2026 (2) Sales by region in EUR m Q1 2026 Δ yoy Recap 2025 Germany 331.4 + 13% + 15% Switzerland 34.8 + 15% - 3% Austria 10.2 + 11% + 27% Netherlands 3.7 - 7% + 14% Italy 5.1 + 14% + 28% Turkey 4.3 - 12% + 4% Other 8.5 + 71% + 20% 14 05/2026
Slide 15: Progress with operating earnings EBITDA
Progress with operating earnings EBITDA Operating Earnings > Strong organic sales growth despite weaker capacity utilisation > Personnel costs and Other operating expenses grew disproportionately lower than sales > Significantly higher EBITDA-contribution (EUR 9,9 million) > Increase of material cos
Slide 16: EBITDA margin improved
EBITDA margin improved Key Figures in EUR m Q1 2026 Q1 2025 Δ yoy Employees (FTE, avg.) 11,459 10,417 + 10% Sales 398.1 351.2 + 13% Gross Profit 335.9 297.4 + 13% Personnel costs 276.6 248.0 + 12% Other operating expenses 41.0 38.3 + 7% EBITDA 27.0 17.1 + 58% EBITDA-margin (%) 6.8 4.9 Profit Drivers
Slide 17: Improved EPS due to higher EBITDA
Improved EPS due to higher EBITDA Key Figures in EUR m Q1 2026 Q1 2025 Δ yoy EBITDA 27.0 17.1 + 58% Depreciation plant & equipment - 16.3 - 15.7 + 4% Depreciation ppa - 1.6 - 1.9 - 16% Depreciation goodwill 0.0 0.0 - Income from investments - 0.5 - 0.1 - 397% Financial result - 2.7 - 2.5 - 9% EBT 6.
Slide 18: Net Working Capital increased
Net Working Capital increased Key Figures in EUR m 31.03.2026 31.03.2025 Δ yoy Cash 54.6 50.2 + 4.3 Return on Net Working Financial debt 195.7 160.9 + 34.9 Capital (RONWC) = 23.9% Net-Debt - 141.2 - 110.6 - 30.5 Operating Cash-Flow - 43.9 - 41.4 - 2.5 Net Working Capital 252.0 197.5 + 28% Return on
Slide 19: Cash Flow Development
Cash Flow Development Cash Flow in EUR m Q1 2026 Q1 2025 Δ yoy Operating Cash Flow -43.9 -41.4 - 6% CAPEX - 9.5 - 10.1 - 5% FCF LTM per Share: -0.23 EUR/Share Lease Repayments - 11.4 - 10.4 + 10% Free Cash Flow -64.9 -61.9 - 5% * Factoring at EUR 59.4 million as of 31 March 2026, compared to EUR 53.
Slide 20: Guidance
Guidance Guidance 2026 > Ongoing market demand in IT Services despite weak macroeconomic environment > Making use of AI demand and AI supported development processes > Stabilised utilisation and continued reduced hiring speed > Improved profitablilty, supported by two additional working days > Slow
Slide 21: Many Thanks!
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 22: Appendix
— Appendix 22 C) 05/2026
Slide 23: References
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Slide 24: Key Figures (Financial Year)
Key Figures (Financial Year) in EUR k 2019 2020 2021 2022 2023 2024 2025 Profit Situation Sales revenues 449,704 523,375 678,324 900,253 1,135,903 1,285,945 1,465,782 domestic 360,987 413,053 550,232 744,178 930,561 1,062,000 1,225,680 foreign 88,717 110,322 128,092 156,075 205,342 223,945 240,102 E
Slide 25: Key Figures (Quarters)
Key Figures (Quarters) in EUR k Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Q3/2025 Q4/2025 Q1/2026 Profit Situation Sales revenues 313,958 330,230 324,646 351,249 353,339 370,935 390,259 398,091 domestic 260,584 274,256 265,104 293,333 296,366 308,329 327,652 331,445 foreign 53,374 55,974 59,542 57,916
Slide 26: Restatement
Restatement Balance Sheet in EUR m, Income Statement in EUR m, Reported Δ Adjusted Reported Δ Adjusted as of 31 December 2024 as of 31 December 2024 Intangible Assets 38.4 +10.8 49.2 Sales revenues 1,297.0 -11.0 1,285.9 Deferred tax assets 19.0 -6.8 12.2 Own work capitalised 5.6 +6.8 12.4 Contract a
Slide 27: Shareholder Structure
Shareholder Structure Shareholder Structure Shareholders 27 05/2026
Slide 28: The share
The share > Market Cap: EUR 378.0 million as at 31 March 2026 > Share price: EUR 57.90 as at 31 March 2026 > Average Analyst Price Target: EUR 109.83 > Free Float: 47.9 % 28 05/2026
Slide 29: 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 30: Shareholdings
© Shareholdings adesso’s national companies or branch offices Austria Vienna | 100% Belgium Brussels | 100 % Bulgaria Sofia | 100 % Finland Espoo/Helsinki | 100 % Greece Athens | 51% adesso SE Dortmund Hungary Budapest | 100 % India Cochin | 100 % Italy Milan | 1009 Netherlands Am Romania Bucharest
Slide 31: 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 32: 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 33: Supervisory Board
Supervisory Board Prof. Dr. Volker Gruhn Co-founder of adesso, professor for Software Engineering Chairman and Chairman of the Nomination Commitee Christoph Junge Group CFO of UNITY Management GmbH and part of the Six members with Chairman of the Audit Committee management team. The company is the p
Slide 34: Important Dates 2026
Important Dates 2026 Date Event 2026-03-31 Publication of the 2025 annual report, financial press/analyst conference 2026-05-11 Publication of the Quarterly Statement Q1 2026 2026-05-12 Spring Conference 2026, Frankfurt/Main 2026-06-03 Regular ASM, Dortmund 2026-06-16 Roadshow Paris /w Berenberg 202
Slide 35: Many Thanks!
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/