Adesso Se · XETR:ADN1
Adesso — Investor Presentation (September 2025)
36 slides from Adesso's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation 09/2025
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 09/2025
Slide 3: Profitable Growth
Profitable Growth €1.30 €1.35-1.45 billion billion Group sales 2024 Expected sales 2025 More than 10,700 12.4 % Employees Return on Equity (5Y average) adesso Group | as of 30 June 2025 3 09/2025
Slide 4: A great place to be
A great place to be Continuously creating an 2016 & 2018 2020 environment in which everyone can 1st Prize Award GREAT PLACE TO WORK® 1st Prize Awards GREAT PLACE TO WORK® develop resonates with our Beste Arbeitgeber ITK >1,000 employees Beste Arbeitgeber ITK >2,000 employees employees. Beste Arbeitg
Slide 5: Our Portfolio
Our Portfolio business IT Services (about 90% of Sales) Business Software IT Consulting IT Management Consulting Development Strategy > Process Process > Architecture Architecture > Application Application > Operation IT Solutions (about 10% of Sales) Industry Solutions technology 5 09/2025
Slide 6: 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 7: 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 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. 8 09/2025
Slide 9: Organic Growth
© Organic Growth Organic Growth vs. Acquisition (in EUR m) 1,250 1,000 750 500 250 0 Ce) S) <v _) 1 \x S AS A a Vv Sv aN ~- ~~ ) ~ @ aS 2 ~ 2 }. % i) m Previous Year mOrganic mAcquisition Organic Growth vs. Acquisition (in %) 50 40 30 20 10 0 AG so Ce) S) v Xe) S 17 S sS N x $ a SS LK LK LS LK LK ¥
Slide 10: 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 Växjö Kiel Stralsund Malmo Neumuenster Rostock Nieuwegein Hamburg Bremen London Berlin Brussels Budapest Hanover Muenster Bucharest International & SmartShore Milan Essen Paderborn Sofia Dortmund
Slide 11: adesso Smartshore: Our proven nearshore and offshore model
adesso Smartshore: Our proven nearshore and offshore model Romania > Founded in 2022 | 50+ employees > German and English-speaking project teams adesso > Up to 40 % cost savings Smartshore Bulgaria > Over 1,000 SmartShore experts > Founded in 2018 | 180+ employees > Over 100 successful projects > Ge
Slide 12: 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 13: Update HY1 2025
Update HY1 2025 13 09/2025
Slide 14: Strong Organic Growth
Strong Organic Growth Sales (in EUR m) Sales growth split 12% organic growth Headcount 6% growth in average FTE 14 09/2025
Slide 15: Sales Split HY1 2025
Sales Split HY1 2025 Sales by industry (in %) Sales by industry in EUR m HY1 2025 Δ yoy Recap 2024 Insurance 99.1 + 17% + 5% Banking 78.2 + 6% + 6% Health 84.7 + 27% + 44% Public 109.1 + 9% + 12% Automotive 27.7 - 7% + 6% Manufacturing 61.9 + 7% + 5% Retail 41.2 + 2% + 10% Utilities 71.3 + 22% + 41%
Slide 16: Sales Split HY1 2025 (2)
Sales Split HY1 2025 (2) Sales by region (in %) Sales by region in EUR m HY1 2025 Δ yoy Recap 2024 Germany 594.6 + 14% + 15% Switzerland 60.0 - 7% + 4% Austria 18.8 + 26% + 20% Netherlands 7.9 + 18% + 8% Italy 8.9 + 25% + 19% Turkey 8.8 + 49% + 64% Other 10.4 + 11% - 5% 16 09/2025
Slide 17: Progress with operating earnings EBITDA
Progress with operating earnings EBITDA EBITDA (in EUR m) Operating Earnings > Capacity utilisation improved > Slight recovery in product business with initial license sales > EUR 2.6 m of previous year’s earnings from reversal of warranty provisions > Increase of material costs mainly due to tempor
Slide 18: EBITDA margin improved due to better utilisation
EBITDA margin improved due to better utilisation EBITDA-margin (in %) Key Figures in EUR m HY1 2025 HY1 2024 Δ yoy Employees (FTE, avg.) 10,550 9,956 + 6% Sales 709.5 631.1 + 12% Gross Profit 598.0 542.8 + 10% Personnel costs 493.7 449.6 + 10% Other operating expenses 79.1 75.7 + 4% EBITDA 37.2 27.7
Slide 19: Improved EPS due to higher EBITDA despite higher taxes
Improved EPS due to higher EBITDA despite higher taxes Earnings per Share (in EUR m) Key Figures in EUR m HY1 2025 HY1 2024 Δ yoy EBITDA 37.2 27.7 + 34% Depreciation plant & equipment - 31.3 - 28.3 + 11% Depreciation ppa - 3.7 - 3.7 - 1% Depreciation goodwill 0.0 0.0 - Income from investments - 1.4
Slide 20: Net Working Capital increased slower than sales
Net Working Capital increased slower than sales Key Figures in EUR m 30.06.2025 30.06.2024 Δ yoy Cash 44.9 52.1 - 7.3 Return on Net Working Financial debt 187.9 167.6 - 20.4 Capital (RONWC) = 16.5% Net-Debt - 143.0 - 115.4 - 27.6 Operating Cash-Flow - 44.2 - 18.2 - 26.1 Net Working Capital 226.0 204
Slide 21: Cash Flow Development
Cash Flow Development Cash Flow in EUR m HY1 2025 HY1 2024 Δ yoy Operating Cash Flow - 44.2 - 18.2 - 143% CAPEX - 16.0 - 14.5 + 11 % FCF LTM per Share: 2.23 EUR/Share Lease Repayments - 20.5 - 17.5 + 17 % Free Cash Flow - 80.8 - 50.2 - 61 % * Factoring at EUR 60.0 m as of 30 June 2025 compared to EU
Slide 22: Guidance
Guidance Guidance 2025 > Ongoing market demand in IT Services despite recessionary environment > Guidance 2025 expects improved margin due to reduced investments and higher utilisation > Earnings contribution mainly in H2 2025 with 7 more working days compared to H1 2025 > Catch-up effects and incre
Slide 23: 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 24: Appendix
— Appendix 24 C) 09/2025
Slide 25: References
arvato BERTELSMANN andsafe Oartesan | Bundesamt “AS | fur Sicherheit in der Informationstechnik ) *® J Beschattunasame MBS | ies Bundesministeriums des Innern BARMER [| 4? BayerntB BS|ENERGY Wir finanzieren Fortschritt. BIG direkt gesund ff — BUNDES. DRUCKEREI! EINFACH. MENSCHLICH. ye aN p DEUTSCHE
Slide 26: Key Figures (Quarters)
Key Figures (Quarters) in EUR k Q3/2023 Q4/2023 Q1/2024 Q2/2024 Q3/2024 Q4/2024 Q1/2025 Q2/2025 Profit Situation Sales revenues 287,367 302,240 317,111 313,958 330,230 335,693 353,373 356,136 domestic 235,450 249,338 262,056 260,584 274,256 276,151 295,457 299,163 foreign 51,917 52,902 55,055 53,374
Slide 27: Key Figures (Financial Year)
Key Figures (Financial Year) 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
Slide 28: Shareholder Structure
Shareholder Structure Shareholder Structure Shareholders 28 09/2025
Slide 29: The share
The share > Market Cap: EUR 579.2 million as at 30 June 2025 > Share price: EUR 88.80 as at 30 June 2025 > Average Analyst Price Target: EUR 124.14 > Free Float: 47.8 % 29 09/2025
Slide 30: 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 31: Shareholdings
Shareholdings adesso’s national companies or branch offices Austria Vienna | 100 % Belgium Brussels | 100 % adesso SE Dortmund India Cochin | 100 % Italy Milan | 100% IT-SERVICES Saudl Arabla Riyadh | 100 % Switzerland Zurich | 100% Singapore Singapore | 100 % Spain Barcelona | 100 % Sweden Malmo |
Slide 32: 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 33: 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 34: 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 Telio BidCo Germany GmbH, the parent Six members with Chairman of the Audit Committee company of Telio Group, former CFO of
Slide 35: 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 ASM,
Slide 36: 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/