11880 : Third-Quarter Report 2024

24I N T E R I M M A N A G E M E N T S TA T E M E N T F O R T H E 1 S T Q U A R T E R 0

First Quarter Report 2024 11 88 0 Solutions-Group· Results

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Financial Key Figures

Financial key figures of 11 88 0 Solutions Group at a glance

in EUR million	3M 2024		3M 2023		Variance absolute		Variance in percent
Revenues and earnings 11 88 0 Solutions Group
Revenues	14.1	14.5	-0.5		-3.1 %
EBITDA1	0.9	0.2	0.6		>100 %
Net income (loss)	-0.5	-1.2	0.8		62.9 %
Details segments
Revenues Digital	11.1	11.4	-0.2		-2.0 %
EBITDA1 Digital	1.0	0.4	0.6		>100 %
Revenues Directory Assistance	3.0	3.2	-0.2		-7.0 %
EBITDA1 Directory Assistance	-0.1	-0.1	0.0		-15.8 %
Statement of financial position2
Total assets	22.2	20.9	1.4		6.6 %
Cash3	2.2	1.5	0.7		42.2 %
Equity	3.0	3.4	-0.5		-13.4 %
Equity ratio	13.4%	16.5%
Cash flow
Cash flow from operating activities	1.1	0.0	1.1		>100 %
Cash flow from investment activities	0.0	0.0	0.0		0.0 %
Cash flow from financing activities	-0.4	-0.4	0.0		0.0 %
Net Cash flow4	0.7	-0.4	1.1		>100 %
Key figures for the 11 88 0 share
Earnings per share (in EUR)	-0.02	-0.05	0.03		-60.0 %
Share price (in EUR)5	0.73	1.02	-0.29		-28.4 %
Market capitalisation	19.1	25.4	-6.3		-24.6 %
Other Key figures
Number of employees group6	487	545	-58		-10.6 %

1. Earnings before interest, tax, depreciation and amortisation
2. Comparison value as of 31. December 2023
3. Portfolio of cash
4. Operating cash flow plus cash flow from investing activities plus cash flow from financing activities
5. Xetra-closingprices as of last trading day 29 March 2024
6. Headcounts as of 31 March 2024 closing date (excluding the Managment Board, trainees, "mini-jobs" and dormant employment contracts)

For mathematical reasons, rounding differences amounting to +/- one unit (€, % etc.) may occur. In favour of a correct mathematical presentation, such differences are consciously accepted.

First Quarter Report 2024 11 88 0 Solutions-Group

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Content
Business performance, significant events	04
Financial Situation	05
Segment report	06
Updated report on expected developments	06
Significant events after the end of the interim reporting period	06
Comparability of disclosures	06
Consolidated statement of financial position (IFRS)	08
Consolidated income statement (IFRS)	10
Consolidated statement of comprehensive income (IFRS)	11
Consolidated statement of changes in equity (IFRS)	12
Consolidated statement of cash flows (IFRS)	13
Shareholding structure 11880 Solutions Group	15
Imprint	15

First Quarter Report 2024 11 88 0 Solutions-Group· Business performance, significant events

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Business performance, significant events

The 11 88 0 Solutions AG continued its efficiency program, which began in 2023, into the first quarter of 2024. All products, pro- cesses, and capacities in the Digital Business and Directory Assistance segments were continuously reviewed for efficiency and prof- itability. The goal is to maintain and further expand the positive business development from the previous year into 2024.

The AI (Artificial intelligence) expert team has already integrated initial generative AI solutions into the company's business processes in the first quarter of 2024. As a result, quote requests are now better structured with the assistance of AI, and service inquiries are answered more precisely and quickly. At werkenntdenBESTEN, review texts are summarized and categorized with the support of AI, making them easier to find and providing users with a better overview. Additionally, in the Call Center Services domain, service has been optimized by the use of a chatbot.

werkenntdenBESTEN, the online review search engine, has developed a mass product for easy review management to broaden its marketing reach: For a small monthly budget, business owners receive automatic notifications about new customer reviews. They can also enhance the visibility of their positive reviews, collect customer feedback more easily, and respond more effectively. The product has already achieved significant success shortly after its launch.

Addressable TV (ATV) continued to be successfully marketed in the first quarter. Through webinars and information events, its visibility was increased, and new target audiences were reached. Addi- tionally, an enhanced and more flexible product offering at the beginning of the year contributed to heightened customer interest.

In the Directory Assistance segment, a new customer from the car- sharing industry has been acquired. Additionally, more and more customers are interested in the newly developed 11 88 0 voice bot. The first corporate customers are already actively using the voice bot.

First Quarter Report 2024 11 88 0 Solutions-Group· Financial Situation

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Financial Situation

The following figures are based on the newly consolidated Ormigo GmbH, headquartered in Cologne, as of September 1, 2023. The expenses and revenues for the fiscal year 2024 have been fully re- corded. The comparisons with the previous year do not include the values of Ormigo GmbH. However, the balance sheet comparison values as of December 31, 2023, do include Ormigo GmbH.

Results of operations

In the first three months of 2024, the 1188  0 Solutions Group achieved a consolidated revenue of EUR 14.1 million (compared to EUR 14.5 million in the previous year). This represents a decrease of EUR 0.5 million (equivalent to -3.1 %) compared to the same period last year. Further details regarding the breakdown by segments and any changes are provided in the Segment Report section.

The cost of sales decreased by EUR 0.4 million compared to the previous year. At the end of the first quarter, the cost of sales amounted to EUR 8.3 million. This was mainly due to lower production costs as well as lower personnel costs compared to the previous year due to increased cost discipline since 2023.

In the first quarter of 2024, selling and distribution costs amounted to EUR 3.0 million (compared to EUR 3.5 million in the previous year). The decrease from the previous year is primarily due to significantly reduced personnel expenses.

For the first three months the general administrative expenses amounted to EUR 2.6 million, showing a decrease of EUR 0.2 million compared to the previous year (which was EUR 2.8 million).

In the previous year, impairment of receivables amounted to EUR

0.7 million. In the current year, they decreased to EUR 0.5 million. This reduction is primarily due to the focused cleanup of customer portfolios carried out in the previous year.

In the first three months of 2024 consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to EUR 0.9 million and represents a significant improvement of EUR 0.6 million compared to the previous year. The positive effect

can be attributed mainly to the efficiency program initiated by the company in 2023 and continued into 2024.

As of the reporting date, the earnings after taxes are EUR -0.5 million (compared to EUR -1.2 million in the previous year).

Net assets and financial position

Capital expenditures

The investments in fixed assets amounted to EUR 1.4 million in the first quarter of 2024 (compared to EUR 0.9 million in the previous year). These total investments primarily include capitalized contract initiation costs of EUR 0.7 million (compared to EUR 0.8 million in the previous year) and capitalized right-of-use assets amounting to EUR 0.7 million (compared to EUR 0.1 million in the previous year).

Statement of financial position

The total assets as of March 31, 2024, amount to EUR 22.2 million, representing an increase of EUR 1.4 million compared to December 31, 2023 (which was EUR 20.9 million).

On the asset side the current assets increased from EUR 8.0 million as of December 31, 2023, to EUR 9.1 million. Cash, including restricted and unrestricted positions, increased from EUR 1.5 million as of December 31, 2023, by EUR 0.7 million to EUR 2.2 million on the reporting date. Additionally, the trade account receivables amounted to EUR 6.1 million, showing a slight increase of EUR 0.1 million compared to the previous year (December 31, 2023: EUR 6.0 million).

As of the reporting date, the non-current assets increased primarily due to the depreciation of capitalized right-of-use assets (IFRS

1. compared to December 31, 2023. The value rose from EUR 12.9 million to EUR 13.1 million by EUR 0.2 million.

On the liability side, current liabilities increased by EUR 1.4 million to EUR 13.6 million (as of December 31, 2023: EUR 12.2 mil- lion). This development is primarily due to increased contractual liabilities and a rise in accrued liabilities.

First Quarter Report 2024 11 88 0 Solutions-Group· Segment report

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Non-current liabilities amount totalled EUR 5.6 million (compared to EUR 5.2 million on December 31, 2023). The increase is primarily due to higher long-term lease liabilities (IFRS 16).

Equity decreased by EUR 0.5 million to EUR 3.0 million primarily due to the net loss for the period compared to EUR 3.5 million on December 31, 2023.

Cash flow and financing

Operating cash flow in the first three months of 2024 totalled EUR 1.1 million compared to a cash inflow of EUR 0.0 million in the same period of the previous year.

Cash flow from investing activities in the first three months totalled to a cash outflow of EUR 0.0 million (previous year: cash outflow of EUR 0.0 million).

Cash flow from financing activities in the first three months remained at EUR -0.4 million, as in the previous year.

Cash holdings

Cash (restricted and unrestricted cash at the end of the period) increased from EUR 1.5 million as at December 31, 2023 to EUR 2.2 million.

Segment report

At EUR 11.1 million, revenue in the Digital segment was below the previous year's level (previous year: EUR 11.4 million). Digital business accounted for around 79 % of total revenue in the first quarter of 2024 (previous year: 78%)  . The 3-month result (EBITDA) amounted to EUR 1.0 million (previous year: EUR 0.4 million).

The Directory Assistance segment accounted for EUR 3.0 million of total revenues (previous year: EUR 3.2 million). The 3-month result (EBITDA) amounted to EUR -0.1 million (previous year: EUR -0.1 million).

Updated report on expected developments

Consolidated revenues as well as EBITDA and cash holdings will develop in line with the forecasts given in the 2023 annual financial statements.

Significant events after the end of the interim reporting period

With regard to the ongoing military conflict between Russia and Ukraine and the current conflicts in the Middle East the Executive Board shares the general political assessment that this conflict will not escalate into a Europe-wide or even global conflict. Based on these assumptions and in view of the fact that the 11 88 0 Solutions Group has no material business relationships with customers or suppliers from Russia and Ukraine or countries involved in the Middle East conflict, the company still does not believe, based on currently available information, that the aforementioned conflicts will have a materially negative impact on the implementation of business planning.

Comparability of disclosures

The 3-month report for 2023 and the consoldidated financial statements for the year ended 31 December 2023 are available on the 11 88 0 Solutions AG website at: https://ir.11880.com/ finanzberichte

Essen, 03 May 2024

The Management Board

First Quarter Report 2024 11 88 0 Solutions-Group

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Content
Consolidated statement of financial position (IFRS)	08
Consolidated income statement (IFRS)	10
Consolidated statement of comprehensive income (IFRS)	11
Consolidated statement of changes in equity (IFRS)	12
Consolidated statement of cash flows (IFRS)	13
Shareholding structure 11880 Solutions Group	15
Imprint	15

First Quarter Report 2024 11 88 0 Solutions-Group· Consolidated Financial Statements

Consolidated Statement of Financial Position (IFRS)
in EUR thousand	31 March 2024		31 March 2023
		(unaudited)		(unaudited)
A S S E T S
Current assets
Cash	2,065	950
Restricted cash	134	134
Trade accounts receivable	6,066	6,928
Income tax receivables	23	5
Other financial assets	16	83
Other current assets	845	962
Total current assets		9,148		9,062
Non-current assets
Goodwill	4,061	3,717
Intangible assets	4,413	5,433
Property and equipment	450	642
Capitalized right of use (IFRS 16)	3,045	3,393
Other non-current assets	377	390
Deferred tax assets	724	1,682
Total non-current assets		13,069		15,257
Total assets	22,218	24,319

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31 December 2023

1,413

134

5,972

23

21

415

7,978

4,061

4,520

502

2,662

407

724

12,876

20,854

First Quarter Report 2024 11 88 0 Solutions-Group· Consolidated Financial Statements

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in EUR thousand

L I A B I L I T I E S A N D E Q U I T Y

Current liabilities

Trade accounts payable

Accrued liabilities

Income tax liabilities

Short-term lease liabilities (IFRS 16)

Other liabilities due to related parties

Other current liabilities

Total current liabilities

Non-current liabilities

Provisions

Provisions for retirement benefits

Other non-current liabilities

Other liabilities to Group companies

Long-term lease liabilities (IFRS 16)

Deferred tax liabilities

Total non-current liabilities

Total liabilities

Equity

Share capital

Additional paid in capital

Accumulated deficit

Other components of equity

Equity attributable to owners of the parent

Total equity

Total liabilities and equity

31 March 2024

(unaudited)

559

5,554

62

1,372

31

6,044

13,623

571

0

94

2,000

2,390

553

5,608

19,230

26,232

34,300

-57,533

-12

2,987

2,987

22,218

31 March 2023

(unaudited)

832

5,067

72

1,403

74

5,418

12,865

552

0

234

2,000

2,789

511

6,086

18,951

24,915

34,473

-54,021

1

5,368

5,368

24,319

31 December 2023

499

5,043

62

1,372

0

5,223

12,199

521

0

94

2,000

2,037

553

5,205

17,404

26,232

34,300

-57,071

-12

3,450

3,450

20,854

For mathematical reasons, rounding differences amounting to +/- one unit (€, % etc.) may occur. In favour of a correct mathematical presentation, such differences are consciously accepted.

First Quarter Report 2024 11 88 0 Solutions-Group· Consolidated Financial Statements

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Consolidated income statement (IFRS)		3-Month-Report
		(unaudited)

in EUR thousand

Revenues

Cost of revenues

Gross profit

Selling and distribution costs

General administrative expenses

Impairment losses from receivables

Other operating income / expense

Operating income (loss)

Interest income

Interest expense

Interest expenses from lease liabilities (IFRS 16)

Gain (loss) from marketable securities

Gain (loss) on foreign currency translation

Financial income (loss)

Income (loss) before income tax

Current income tax

Deferred income tax

Income tax

Net income (loss)

Attributable to:

Owners of the parent

Earnings per share for net income (loss) for the reporting period attributable to ordinary equity holders of the parent (in euro)

01.01. - 31.03.2024

14,095

-8,340

5,755

-2,997

-2,591

-532

3

-361

0

-34

-43

0

0

-77

-439

-25

0

-25

-463

-463

-0.02

01.01. - 31.03.2023

14,546

-8,750

5,796

-3,469

-2,804

-677

-1

-1,155

0

-36

-52

-21

-1

-89

-1,243

0

-2

-2

-1,245

-1,245

-0.05

For mathematical reasons, rounding differences amounting to +/- one unit (€, % etc.) may occur. In favour of a correct mathematical presentation, such differences are consciously accepted.