Learnd Se Class A · XETR:LRND
Learnd Se Class A — Deutsches Eigenkapitalforum 2025
15 slides from Learnd Se Class A's conference presentation, November 2025
Slide 1: Investing in reducing the cost & carbon for buildings with the learnd platform
Investing in reducing the cost & carbon for buildings with the learnd platform. November 2025 Deutsches Eigenkapitalforum
Slide 2: Safe harbor statement
Safe harbor statement The information included in this presentation is being provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to purchase, securities of learnd SE. No public market exists for the securities of learnd SE in the United St
Slide 3: learnd is the number one BMS business in the UK and Ireland
learnd is the number one BMS business in the UK and Ireland Founded in 2020, learnd is the largest independent BMS Service provider, managing 1 in 15 large non-residential buildings across the UK. • learnd was founded Feb 2020 • Acquisition Comfort Jan 2023 • Acquisition of Feb 2024 • Acquisition of
Slide 4: Attractive margin profile with high repeat revenues share
Attractive margin profile with high repeat revenues share 75 - 80 ~10% 63.9 Recurring and 10% repeat revenue share 80% 39.6 35.6 9% 31.0 8% 11% 17.0 16% 7.9 7.5 – 8.0 3.4 3.0 3.4 2.7 FY201 FY211 FY22 1 FY233 FY24 FY25e IFRS 1 Revenue (EURm) Adj.4 EBITDA (EURm)3 Adj.4 EBITDA margin (%) Source: Compan
Slide 5: New founder driven structure
New founder driven structure1 Following the transaction, learnd SE will retain an indirect minority stake of 49.5% in learnd UK and Ireland Group, while the Founders will hold the majority with 50.5%. learnd SE shareholders Founders learnd SE shareholders Founders 89% 11% 100% 100% learnd SE learnd
Slide 6: Transaction rational
Transaction rational The transaction was initiated in particular for the following reasons: • The current structure was overly complex and costly, particularly given the strategic shift towards growing the business in the UK and Ireland, where there are much greater synergies and a broad range of po
Slide 7: Changes in the management and supervisory board
Changes in the management and supervisory board • Immediately prior to the transaction, the co-founders John Clifford and Simon Wood resigned from the management board of learnd SE in order to avoid any conflicts of interest and to focus entirely on the operating business. • The supervisory board of
Slide 8: Interim results
Interim results Deutsches Eigenkapitalforum 2025 8
Slide 9: Summary
Summary • While revenues grew strongly, gross profit increased only slightly due to higher employment costs from U.K. government measures, resulting in only a modest improvement in adjusted EBITDA and a slightly lower profit: Metric (kEUR2) H1 20251 H1 20241 Delta Delta % Revenue 35.236 29.921 5.315
Slide 10: Financials
Financials Income Statement (kEUR 2) H1 20251 H1 20241 Delta Assets and Liabilities (kEUR2) 30 Jun 20251 31 Dec 20241 Delta Revenue 35.236 29.921 5.315 Non-current assets 28.873 29.347 -473 Cost of sales -23.506 -18.447 -5.059 Current assets 25.797 24.636 1.161 Gross profit 11.730 11.473 256 Total a
Slide 11: Exchange rates
Exchange rates Exchange Rates H1 20251 H1 20241 Average rate EUR-GBP 0,8423 0,8547 Half-Year-end spot rate EUR-GBP 0,8555 0,8464 (1) Aligned to Consolidated Financial Statements – note 2.3 Deutsches Eigenkapitalforum 2025 11
Slide 12: Appendix
Appendix Deutsches Eigenkapitalforum 2025 12
Slide 13: Shares
Shares Basic Information: First Day of Trading: 27th January 2023 Issuer: learnd SE Stock Exchange: Frankfurt Market Segment: Regulated Market (General Standard) Public Share ISIN: LU2358378979 Public Share WKN: A3CS4Z Public Share Ticker Symbol: LRND Total number of shares issued as of 13th Novembe
Slide 14: Shareholder structure
Shareholder structure1 Other AFT Tech Ventures 18% SwissCommerce GmbH 23% JOVO INT. GmbH 10% CHEPSTOW CAPITAL GmbH GFJ Holding GmbH & 19% Co. KG 13% AFT Tech Ventures AG 17% (1) As of 19th November 2025 in percentage of outstanding shares as known to the Company Deutsches Eigenkapitalforum 2025 14
Slide 15: Investor Relations
Investor Relations Investor Relations Website http://ir.learnd.eu Investor Relations Contact ir@learnd.eu Company Publications https://ir.learnd.eu/publications/ Deutsches Eigenkapitalforum 2025 15