1ST QUARTER RESULTS 2024

INVESTOR 30.05.2024

PRESENTATION
RIKA COPPENS, GROUP CEO LEEN GEIRNAERDT, GROUP CFO
DISCLAIMER
Forward-looking statements: Certain statements in this presentation concern forward-looking statements about the future or affiliates, nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or
financial condition, risks, investment plans and the results of operations of House of HR Holding BV and its operating subscribe for any securities of the Company or any of its subsidiaries or affiliates, nor shall it or any part of it form the basis
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Company’s current expectations and projections relating to their financial condition, results of operations, plans, jurisdiction of the United States. Distribution of this presentation and any information contained in it in any other

1ST QUARTER RESULTS 2024

objectives, future performance and business. These statements may include, without limitation, any statements preceded jurisdictions may be restricted by law. Persons into whose possession this information comes should inform themselves
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the rate of technological developments. These forward-looking statements therefore apply only as at the date of this representatives or any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this
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CONFIDENTIALITY: This presentation is subject to strict confidentiality obligations of those receiving the presentation. The
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financial information presented in tabular form may differ from the information that would have appeared in such totals
using the unrounded financial information.

NO OFFER: This presentation does not constitute or form part of, and is not made in connection with any offer, invitation or
recommendation to subscribe for, underwrite or otherwise acquire any securities of the Company or any of its subsidiaries
2
Confidential - External
ALL FIGURES ARE PRESENTED ON A PRO FORMA
MANAGEMENT ADJUSTED BASIS
All numbers shown in this presentation are Pro Forma Management Adjusted
figures (unless indicated otherwise), whereby:

1ST QUARTER RESULTS 2024

PRO FORMA MANAGEMENT ADJUSTED
Indicates acquisitions/disposals are Amended for non-recurring items set forth in the
included/excluded in current and previous year Senior Facilities Agreement, the Second Lien
(PY) figures to have a like-for-like comparison, i.e. Facility Agreement and the Senior Secured Notes,
as if the acquisitions/disposals have always been f.e. costs related to refinancing, M&A, etc.
a part of the perimeter.

3
Confidential - External
AGENDA Q1 2024 Highlights
01
Financial Performance
02

1ST QUARTER RESULTS 2024

M&A
03
Recent Developments 04
Key Takeaways 05

4
Confidential - External
 Q1 2024 HIGHLIGHTS
Sales and NFI impacted by less working days vs prior year (which will be recovered in Q2), lower
productivity (mainly holidays and bench) and lower Search & Selection fees. With stable DC and OVH
costs, the 9,7M€ lower NFI explains in full the EBITDA evolution.​

Sales Net Fee Income EBITDA

1ST QUARTER RESULTS 2024

Daily sales
+0,8%

-0,5% -4,1% -10,2%

835,9M€ 831,5M€ 239,1M€ 96,2M€
229,4M€
86,5M€

Q1
Q4’22 Q4’23 Q4’22 Q4’23

28,6% 27,6% 11,5%

10,4%

5
Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024
 News headlines from SIA (Staffing Industry Analysts) indicate the

OPERATING IN A MARKET UNDER PRESSURE

market faced challenges in terms of demand during Q1 2024 (source:
https://www2.staffingindustry.com/eng_member/Editorial/Daily-News)

With only slight decrease of Sales (-0,5%), House of HR achieved

above-market growth

1ST QUARTER RESULTS 2024

6
 1ST QUARTER RESULTS 2024
FINANCIAL
PERFORMANCE Confidential - External
7
Q1 2024 VS Q1 2023
Sales impacted by one working day less, which together with higher bench, higher holidays and less
S&S fees was translated in NFI decline. Despite steady DC and OVH, EBITDA was fully impacted by the
drop in NFI. We remain dedicated to achieve an optimal care ratio through our flexible cost structure.

Sales growth by segment Net Fee Income growth by segment EBITDA growth by segment

FINANCIAL PERFORMANCE
-0,5%
-4,1% -10,2%
835,9M€ 10,3M€ 239,1M€ 96,2M€
+3,0% 831,5M€ 229,4M€
-6,2M€ -3,4M€ -0,1M€ 86,5M€
-1,3M€ -4,9% -5,9M€
-3,0% -3,6M€ -0,3M€
-13,8%
-13,4M€ -6,2%
-2,7%

Given one working day less, single Both segments' EBITDA reductions
NFI% decreased 100bps given negative
digit improvement in prices, partly 28,6% 11,5% align with NFI decreases, since costs
calendar effect, lower productivity 27,6%
offset by lower volumes in challenging remained stable in line with sales, 10,4%
(non-bank holidays and bench), less
market conditions, sales remained reflecting our successful cost
Search & Selection, partly offset by
stable. Daily sales at +0,8% vs Q1 management, primarily on payroll
higher pricing
2023 expenses

Q1 2023 STS E&C Other Q1 2024 Q1 2023 STS E&C Other Q1 2024 Q1 2023 STS E&C Other Q1 2024

Note: Previous Year (PY) 8

Specialized Talent Solutions (STS)
Engineering & Consulting (E&C)
 CARE RATIO & CLIENT EVOLUTION
Recent initiatives taken to get back to 2022 care ratio level, result in improved
care ratio per end of Q1 2024

Care ratio expressed in EUR remained stable thanks to successful price increases

Care ratio — based on number of people Number of clients per month

FINANCIAL PERFORMANCE
20.000
8
‘22 18.000 ‘22
Care ratio in FTE

Number of clients
7 ‘23
16.000 ‘24
‘23
‘24
14.000
6
12.000

5
10.000

CARE RATIO IN FTE: NUMBER OF CLIENTS:

Number of people at work placed per internal FTE (# productive people at work at the end Total number of unique clients invoiced during the month (by PowerHouse). Whether or
of the month in FTEs / # internal FTEs at the end of the month) not a client was invoiced in a previous month is not considered

CARE RATIO IN EUR:

We also track EUR NFI / EUR Payroll costs, which remains stable throughout FY24 thanks
to successful price increases
9
ENGINEERING & CONSULTING ABY Engineering, AERO, Cohedron, Continu Professionals, IBB, Redmore &
SOLCOM

Comparison Q1 2024 vs Q1 2023 (in M€) • Sales growth driven by most PowerHouses, linked to both higher volumes and higher
prices despite 1 working day less

FINANCIAL PERFORMANCE
Q1 2024 Q1 2023 % CHANGE YOY
• NFI% decreased due to:
Sales 350,3 340,1 3,0%
• 1 working day less
Net Fee Income (NFI) 110,0 113,4 -3,0% • Less Search & Selection fees
NFI% 31,4% 33,3% • Higher share of freelancers
Direct Costs (DC) 36,0 35,4 1,7%
• YoY, DC% decreased slightly from 10,4% to 10,3% thanks to careful cost calibration and
Contribution 74,0 78,0 -5,1% investing only in the key profiles needed to support future sales growth
Contr% 21,1% 22,9%
• OVH decreased by -1,9% thanks to cost reductions at most PowerHouses mainly on
Overheads (OVH) 20,0 20,4 -1,9%
payroll costs
EBITDA 54,0 57,6 -6,2%

EBITDA% 15,4% 16,9%

Working days 63,8 64,8

10
Note: Working days are different from Specialized Talent Solutions due to TMI and House of HealthCare Germany working days, which are equal to all days of the month given they are active in the healthcare sector.
ENGINEERING & CONSULTING The E&C Powerhouses were able to keep up a single digit growth in volumes in
a challenging demand landscape

Weekly People at Work

FINANCIAL PERFORMANCE
14.000

12.000 2024
2023

2022
10.000

8.000

6.000 Week 20
+2,0% vs 2023
4.000 +8,4% vs 2022

2.000

January February March April May June July August September October November December
0

11
SPECIALIZED TALENT SOLUTIONS Accent, House of Covebo, House of HealthCare Germany, TimePartner, TMI
& NOWJOBS

Comparison Q1 2024 vs Q1 2023 (in M€) • Single digit sales increases in Belgium & The Netherlands, despite declining market
volumes, offset by sharper declining figures in Germany, both in Healthcare and
staffing, driven by tough macro economic condition in Germany

FINANCIAL PERFORMANCE
Q1 2024 Q1 2023 % CHANGE YOY

Sales 483,7 497,1 -2,7% • NFI% decreased due to:

Net Fee Income (NFI) 120,1 126,3 -4,9% • Lower Search & Selection fees
• Lower productivity due to more holidays & bench
NFI% 24,8% 25,4%

Direct Costs (DC) 66,3 66,1 0,2%

• DC in EUR remained stable, with cost savings in Powerhouses in difficult market
Contribution 53,8 60,2 -10,6% environment and investment in recruiting capacity where we continue to see
growth opportunities.
Contr% 11,1% 12,1%

Overheads (OVH) 17,2 17,7 -2,9% • OVH decreased -2,9% thanks to cost reductions, mainly in payroll costs, to support
care ratio.
EBITDA 36,6 42,4 -13,8%

EBITDA% 7,6% 8,5%

Working days 74,8 74,9

12
Notes:
Working days is calculated as the average of the PowerHouses and is impacted by TMI and House of HealthCare Germany, for which all days in the month are working days given they are active in the healthcare sector.
SPECIALIZED TALENT SOLUTIONS As of March STS volumes prudently approach previous year volume levels amid
challenging market conditions

Weekly People at Work

FINANCIAL PERFORMANCE
40.000

35.000

2023 2022
30.000

2024
25.000

20.000

Week 20
15.000
+3,5% vs 2023
-8,9% vs 2022
10.000

5.000

January February March April May June July August September October November December
0

13
 COST EVOLUTION Direct costs were kept stable and Overhead decreased. Cost evolution for House of HR in line with top line
development.

Direct Costs Q1 2023 – Q1 2024, M€ Overhead costs Q1 2023 – Q1 2024, M€

120 50
45
101 101 101 102 42

FINANCIAL PERFORMANCE
99 40 42 41
100 40 House of
Cost evolution 80 E&C
Support

in absolute 30
E&C
60
amounts
20
40
STS
20 10 STS

0 0
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Direct Costs Q1 2023 – Q1 2024, % Overhead costs Q1 2023 – Q1 2024, %

14% 13,3% 13,1% 13,0% 13,7%
7%
12,6% 12,0% 11,7%
12,1% 12,2% 6,0% 5,9% 5,9% 6,0%
12% 10,4% 10,0% 11,6% 6% 5,7%
10,4% 10,2% 10,3% 5,0% 5,2%
4,7% 4,9% 5,0%
10% 5%
Cost evolution 8% 4% 3,6% 3,8% 3,6%
as percentage 6% 3%
3,0%
3,3%

of Sales 4% 2%
2% 1%
0% 1 0% 1
STS E&C Total* STS E&C Total*
Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 14
*Total includes OVH costs at House of Support level
CURRENT TRADING Less working days in Q1 are being recovered in the next quarters

Current trading April YTD 2024 vs April YTD 2023

April YTD 2024 April YTD 2023 Comment
Sales (in M€) 1.111,5 1.092,8

FINANCIAL PERFORMANCE
Working days 91,3 90,0
Daily Sales (in M€) 12,2 12,2
EBITDA (in M€) 116,4 115,3 Mainly impacted by 1,4 more working days
EBITDA margin 10,5% 10,6%

Working days per quarter 273,2 274,5

205,1 205,9

135,7 135,6
2023 2024
2023 2024
69,4 68,8
2023 2024
2023 2024

15
Q1 Q2 Q3 Q4
 NET DEBT & CASHFLOW Q1 2024
Total net leverage ratio at 5,8x mainly attributable to lower LTM EBITDA
impacted by Q1 results (working days) and higher NWC since last collection day
of March was a bank holiday

Debt Liquidity Cashflow

2.122,6M€ 1.596,2M€ 113,8M€ 363,2M€ 48 DAYS

FINANCIAL PERFORMANCE
Cash and Cash LTM Pro Forma DSO Q1 20243
Total Net Debt1 Senior Secured Net Debt2
Equivalents1 Adjusted EBITDA [vs 48 days in Q1 2023]
[vs 2.030,5M€ per Q4 2023] [vs 1.515,5M€ per Q4 2023]

5,8x 4,4x 245M€ 31,9M€

Total Net Leverage Ratio1 Senior Secured Net Leverage IFRS Operating cashflow Q1 2024
[vs 5,7x for November 3rd, Ratio2 Available RCF (before taxes)
2022] [vs 4,3x for November 3rd, 2022]

70% 39,6%
Cash conversion ratio on
Principal debt with a fixed
IFRS EBITDA5
interest or hedged4
[vs 46,3% in Q1 2023]

1 Cash excludes G-accounts of 5,1M€ and restricted cash of 2,4M€ - including entities outside consolidation scope (f.e. NPO’s, JV)
2 Senior Secured Net Debt and Senior Secured Net Leverage Ratio includes Senior Secured Indebtedness (i.e. Facility B, drawn amounts under the Delayed Draw Term Loan and the Senior Secured Notes) net of cash and Cash Equivalent Investments. While
Total Net debt also includes 2nd Lien Term Loan of 310,0m€, leasing of 214,0m€ and Other debt of 2,4m€.
3 The effect of factoring on the DSO is neutralized 16
4 Whereof 1B€ covered by CAP with a 3% strike, and 415M€ principal Senior Secured Notes with a fixed interest rate
5 Cash conversion ratio = Operating cashflow before taxes / IFRS EBITDA
SUCCESFUL REPRICING 1L TLB repriced and upsized to partially convert DDTL and prepay a part of 2L TLB​

In April, House of HR was able to successfully reprice the margin of its the 1st Lien TLB by 50bps (now at E+500bps) at
par, upsize it by 100M€ and convert 29M€ of the non-fungible DDTL into the newly repriced 1st Lien TLB.​

FINANCIAL PERFORMANCE
Subsequently, House of HR launched an Unmodified Dutch Auction on the 2nd Lien TLB and accepted a total of 37,3M€
amounts submitted for tender, funded via the proceeds of the 1st Lien TLB upsize.​

Through the repriced TLB margin and the partial 2L prepayment, enabling 4,3M€ annual interests saving.​

House of HR will continue to evaluate further liability management opportunities on an ongoing basis, including but not
limited to potential partial repayment of the DDTLB, a partial call of the 2nd lien TLB and/or further auction processes.​

17
 BENCHMARK WITH TOP-OF-MIND PLAYERS CAGR Q1 2022 –Q1 2024
SALES CAGR Q1 22 – Q1 24 NET FEE INCOME/GROSS MARGIN CAGR Q1 22 – Q1 24
30,0% 40,0%
20,0%
20,0%
10,0%
0,0% 0,0%

FINANCIAL PERFORMANCE
-10,0%
-20,0%
-20,0%
-30,0% -40,0%

EBITDA CAGR Q1 22 – Q1 24 EBITDA MARGIN Q1 24

20,0%
15,0%
40,0% 10,0%
20,0% 5,0%
0,0%
0,0% -5,0%
-20,0% -10,0%
-40,0%

Note: Profit growth based on EBITDA or profit metric growth (as reported or calculated). Randstad, Adecco reported on EBITA; True Blue, Manpower and Robert Half profit metric are calculated through Gross Profit/Gross Margin
minus SG&A; Staffline, Assystem, Page Group, Alten, Robert Walters, Capgemini, Sthree, Brunel and Accenture profit metric as Operating Margin/Profit/Result/Income. 18
Each graph does not include all peers because only the Sales metric or the profit metric is disclosed
TrueBlue’s and Hudson’s EBITDA went from positive in 2022 to negative levels in 2024. Therefore, no CAGR could be calculated.
STAFFING MARKET FIGURES Q1 2024
Market figures were derived
from the publications by staffing
agency federations within each

FINANCIAL PERFORMANCE
country.

These are typically published on Federgon ABU Bundesagentur

a monthly basis. (in €) (in €) für Arbeit
(in volume)

Q1 2024 market -2,5% -9,6%

-3,7%
growth (period 1-3) (Jan and Feb)

19
 1ST QUARTER RESULTS 2024
M&A
M&A YTD YTD May 2024, House of HR has closed 2 deals

ZorgXchange XXLLNC Detachering

Specialized Talent Solutions Engineering & Consulting

Bolt-on Bolt-on

M&A
TMI Cohedron

Signed in December 2023 Signed & closed

Closed in January 2024 in March 2024

<1M€ EBITDA (local GAAP) <1M€ EBITDA (local GAAP)

(<10% margin) (~10% margin)

The Netherlands The Netherlands

Asset deal Asset deal

21
M&A PIPELINE There are currently 2 targets for which an NBO was
submitted

NBO Submitted

Project 1: Specialized Talent Solutions / Digital Project 2: Specialized Talent Solutions

Bolt-on

M&A
New platform
Covebo

>20M€ EBITDA 10-20M€ EBITDA

The Netherlands The Netherlands

Majority stake with local reinvestment Majority stake with minority reinvestment

22
 1ST QUARTER RESULTS 2024
DEVELOPMENTS
RECENT
INTEGRATION OF TEC AND LOGI-TECHNIC INTO
EXISTING POWERHOUSES
New horizons: a transformative

RECENT DEVELOPMENTS
journey for GRITT and its Boutiques 01
Possibility for ABY to expand footprint in Belgium and allow Covebo to
enter Belgian market

further strengthening Covebo and ABY

As of 1 January 2024, the two GRITT boutiques, Logi-Technic
and TEC, were integrated into existing Powerhouses
02 Add international recruiting expertise to Logi-Technic

• Logi-Technic was integrated into the Dutch

PowerHouse, House of Covebo
• TEC joined the French Powerhouse ABY
Both brands continue to exist, the GRITT PowerHouse will
03 Growth of House of HR – additional requirements needed tailored to
sizeable Powerhouses

disappear

04 Overlap and Efficiency in profiles, business models, and geographic

locations 24
 HOUSE OF HR RANKED 3 IN THE LÜNENDONK LIST FOR GERMAN
RD
TEMPORARY STAFFING SECTOR

RECENT DEVELOPMENTS
Lünendonk have released their latest ranking within the staffing sector on May 14th, 2024.
House of HR secured the third spot and crossed the €1 billion threshold for the first time.
The company's growth increased by 11.5% following the acquisitions of SOLCOM in 2022 and pluss in 2023.
House of HR persists in expanding its footprint in Germany, a crucial European labor market.

25
STRENGHTENING FORCES OF NOWJOBS AND STAFFME –
GERMAN ACTIVITIES ON HOLD
NOWJOBS, launched in 2017, is Belgium's most successful
business app (>500k users and >200k customers), which
connects job seekers with employers in the hospitality, retail
and business services sector.

RECENT DEVELOPMENTS
NOWJOBS entered the French job market in 2021,
partnering with StaffMe to launch popular interim and
freelance apps.
These apps are now combined into one under the
NOWJOBS brand, simplifying job management for
employers and employees alike.
Given current German market environment, we decided
to pause current German activities and to focus on
Nowjobs France, Belgium and The Netherlands.

26
ACCENT TAKES HOME 2 AWARDS AT HR EXCELLENCE AWARDS

RECENT DEVELOPMENTS
Accent recently won two HR Excellence Awards,
highlighting their commitment to diversity, equity, and
inclusion.
Their hiring strategy has led to impressive results, such as
a Belgian food company filling 20 vacancies quickly and
reducing staff turnover by 10%.

27
 ITDS SECURES SPOT AS ONE OF EUROPE’S FASTEST-GROWING
COMPANIES

RECENT DEVELOPMENTS
ITDS POLAND
Leader of the Polish market in delivering IT solutions to Finance & e-Commerce
businesses
Part of the ITDS boutique within the Redmore Powerhouse
Secured a spot for the fourth consecutive year in Financial Times’ 1,000 fastest-
growing companies

Absolute growth Compound Annual FY22 revenue FY23 revenue

rate 2019-2022 Growth Rate 2019-2022
279,4% 56,0% 21M€ 27M€
28
 1ST QUARTER RESULTS 2024
TAKEAWAYS
KEY
KEY TAKEAWAYS Q1 2024
Q1 showed flat sales development Cost base was adapted to top line Our profile, geared towards a
with volumes E&C growing single growth, whilst calibrating carefully diversified set of specialized talents
digit and STS decreasing single digit to invest where we do see the with high scarcity, continues to
in challenging market conditions. demand for scarce talents. deliver an outstanding
performance compared to other

KEY TAKEAWAYS
Pass through of inflation and price top of mind players both in terms of
increases continue to pay off. Sales growth and EBITDA.
Negative working day impact, a
lower productivity and lower Search
& Selection fees do cause a lower
NFI.
Powerhouses were further We capture the momentum to
Working days will be recovered in reduce interest costs and optimize
empowered by combining forces
Q2. debt structure, whilst maintaining
where we saw the potential for
acceleration. liquidity available to pursue growth
by M&A, with a highly selective
approach to identify targets that
align with our strategy and add
significant value to our portfolio.

30
Q&A
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31
 1ST QUARTER RESULTS 2024
CHANGE
LIVES
WE
1ST QUARTER RESULTS 2024
APPENDICES
NEXT INVESTOR RELATION CALLS:

Q2 2024 RESULTS WEDNESDAY AUGUST 28TH, 2024

APPENDICES
Q3 2024 RESULTS THURSDAY NOVEMBER 29TH, 2024
34
APPENDICES

APPENDICES
Group
HOUSE OF HR Group Q1 2024

COMPARISON Q1 2024 VS Q1 2023 (IN M€)

Q1 2024 Q1 2023 %change YoY

Sales 831,5 835,9 -0,5%

APPENDICES
Net Fee Income 229,4 239,1 -4,1%

NFI% 27,60% 28,60%

Direct Costs 101,7 101,0 +0,6%

Contribution 127,8 138,1 -7,5%

Contr% 15,4% 16,5%

Overheads 41,3 41,9 -1,4%

EBITDA 86,5 96,2 -10,2%

EBITDA% 10,4% 11,5%

Working days 68,8 69,4

36
 BENCHMARK WITH TOP-OF-MIND PLAYERS Q1 2024 HoHR stands out with its performance
across growth & profitability

SALES GROWTH Q1 24 NET FEE INCOME/GROSS MARGIN GROWTH Q1 24

20,0% 10,0%
10,0% 0,0%
0,0% -10,0%
-10,0% -20,0%

FINANCIAL PERFORMANCE
-20,0% -30,0%
-40,0%
-30,0%

EBITDA GROWTH Q1 24 EBITDA MARGIN Q1 24

10,0% 20,0%
0,0% 15,0%
-10,0% 10,0%
-20,0% 5,0%
-30,0% 0,0%
-40,0% -5,0%
-50,0% -10,0%

Note: Profit growth based on EBITDA or profit metric growth (as reported or calculated). Randstad, Adecco reported on EBITA; True Blue, Manpower and Robert Half profit metric are calculated through Gross Profit/Gross Margin minus SG&A;
Staffline, Assystem, Page Group, Alten, Robert Walters, Capgemini, Sthree, Brunel and Accenture profit metric as Operating Margin/Profit/Result/Income. 37
Each graph does not include all peers because only the Sales metric or the profit metric is disclosed.
Confidential scale;
TrueBlue and Hudson’s profit metric declines intentionally not included in the EBITDA growth chart as it would result in a disproportionate - External
Recruit Holdings NFI increase not included in NFI chart for scale reasons.
APPENDICES

BASIS OF
PREPARATION

APPENDICES
& BRIDGES
BASIS OF PRESENTATION
Basis of presentation of the pro forma figures
The Pro Forma figures used in this presentation have been assumptions were made for the purpose of allocating those items
presented using unaudited statutory or management accounts. The that were not directly attributable and/or separately identifiable.
figures set out in this presentation have been computed by adding This financial information has been presented for illustrative
the revenues of all of our acquired entities to our historical statutory purposes and does not necessarily indicate what our results of

APPENDICES
accounts, to present the total revenues of the Group, as if it had operations had they existed with our current consolidation
been operating as a consolidated group at the relevant date or perimeter would have been had we been a consolidated entity in
period. The historical financial metrics for the acquired entities have the past, how our financial condition will be in the future or how our
been obtained from their individual accounts and are therefore not operations might respond in the future to events similar to those
comparable to our historical financial information. Some of these experienced by us in the past.
accounts may not been prepared in accordance with statutory
requirements or the accounting policies used by these acquired
entities may differ in substantial respects from the manner in which
we have prepared our accounts.
This financial information may not reflect what our results of
operations or financial condition would have been had the Group
operated as a consolidated group or reporting segment during the
periods presented. A number of estimates, judgments and

39
OVERVIEW NORMALIZATIONS Group Q1 2024

Normalizations Q1 2024 (in M€)

Northstar vision/Blueprint 0,5

APPENDICES
Reorganization - management & general 4,3
M&A 0,2
IT reorganization 0,5
Start-up 0,1
Other one-off events 0,4
Total 6,0

40
IFRS CASHFLOW STATEMENT Group Q1 2024

IFRS Cashflow statement Q1 2024 (in M€)

Reported IFRS EBITDA* 80,4
Change in NWC -48,6

APPENDICES
Operating cash flow before tax 31,9
% conversion (as a % of EBITDA) 39,6%
Capital expenditures -8,3
Free cash flow 23,6
% conversion (as a % of EBITDA) 29,3%
Cash taxes -8,3
Cash interests -77,1
Levered free cash flow -61,8
% conversion (as a % of EBITDA) -76,8%
M&A -1,9
Financing -21,5
Equity 0,0
Net cash flow -85,1
41
*The Cashflow Statement presented in this slide is prepared under reported IFRS standards and does not include Pro Forma adjustments.
Per Q1 2024, 6,0M€ normalizations were reversed (cfr slide 39).
Q1 2024 NET DEBT & LEVERAGE CALCULATION
Net Debt and Leverage Q1 2024 (in M€)
IN M€ AMOUNT X PF ADJUSTED EBITDA
Cash & cash equivalents* -113,8
First-Lien Term Loan 1.170,0 Increased to 1.229M€ after repricing of April 2024

APPENDICES
Delayed Draw First-Lien Term Loan 125,0 Decreased to 96M€ after repricing of April 2024
Senior Secured Notes 415,0
Senior Secured gross debt 1.710,0 4,7x
Senior Secured net debt 1.596,2 4,4x as presented in slide 16
RCF (250M€) 0 25M€ extra available as of April 2024
Senior Secured gross debt incl. RCF 1.710,0 4,7x
Senior Secured net debt incl. RCF 1.596,2 4,4x as presented in slide 16
Second-Lien Term Loan 310,0 Decreased to 273M€ after repricing of April 2024
Secured gross debt 2.020,0 5,6x
Secured net debt 1.906,2 5,2x
Other debt 2,4
Lease liabilities 214,0
Total gross debt 2.236,4 6,2x
Total net debt 2.122,6 5,8x as presented in slide 16
LTM Pro Forma Adjusted EBITDA 363,2
42
* Excluding G-accounts of 5,1M€ and restricted cash of 2,4M€ - including entities outside consolidation scope (f.e. NPO’s, JV)
BRIDGE BETWEEN IFRS CONSOLIDATED PROFIT & PRO FORMA ADJUSTED EBITDA

IFRS – Pro Forma Adjusted EBITDA bridge Q1 2024 (in M€)

Operating profit/(loss) 26,6

APPENDICES
Depreciations & amortization 54,0

Other items -0,1

(IFRS) EBITDA 80,4

Normalizations 6,0

FY impact of acquisitions & disposals 0,0

Other consolidation scope 0,0

Pro Forma Adjusted EBITDA 86,5

43
YTD 2023 RECONCILIATION UNDER CURRENT PERIMETER

2023 - In M€ Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023

Pro forma adjusted sales as previously presented 780,2 833,8 849,1 862,7 3.325,9

APPENDICES
Acquisitions Q2 2023 45,8 45,8
Acquisitions Q3 2023 9,6 7,5 17,1
Acquisitions Q4 2023 1,0 1,2 1,1 3,2
Other -0,7 0,7 0,0 0,0 0,0
Pro forma adjusted sales - restated 835,9 843,1 850,2 862,7 3.392,0

Pro forma adjusted EBITDA as previously presented 90,9 87,5 92,4 95,3 366,1
Acquisitions Q2 2023 4,0 4,0
Acquisitions Q3 2023 1,0 0,8 1,8
Acquisitions Q4 2023 0,4 0,4 0,4 1,1
Pro forma adjusted EBITDA - restated 96,3 88,7 92,7 95,3 373,0
EBITDA margin 11,5% 10,5% 10,9% 11,0% 11,0%

44
 1ST QUARTER RESULTS 2024
JURGEN ARTZ MATHIEU DEJONGHE
Treasury Director Treasury Analyst

XAVIER DESMET CONTACT:

Treasury Analyst [email protected]