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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
New Work
New Work (NWO) investor relations material
New Work has been delisted
New Work Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary6 Aug, 2024
Executive summary
The company is preparing for delisting after Burda increased its stake to over 74%, with an acceptance rate above 77% as of late August 2024.
Restructuring and cost-saving measures, including a 400-person workforce reduction, have stabilized operations and improved the cost base despite macroeconomic headwinds and a weak German labor market.
Management remains committed to long-term strategy, focusing on repositioning XING as a job network and expanding kununu's employer branding business, both of which showed strong user and engagement growth.
EBITDA dropped sharply in H1 2024 due to €24.7 million in restructuring costs and higher marketing spend, but pro forma EBITDA margin improved in Q2 due to restructuring.
CFO Ingo Chu announced he will not extend his contract beyond summer 2025.
Financial highlights
Q2 2024 revenues were €65.5 million, down 14% year-over-year; H1 2024 revenues were €133.7 million, down 12% year-over-year.
Pro forma EBITDA for Q2 was €17.5 million (margin 27%), and for H1 was €26.5 million (margin 20%), both down year-over-year.
Net loss for H1 2024 was €-7.8 million; pro forma net profit was €10.5 million.
Operating cash flow was negative at €(1.1 million) in Q2, mainly due to severance payments; H1 operating cash flow was €6.4 million.
Free cash flow before dividends was €(5.5 million); after dividends, €(11.1 million).
Outlook and guidance
Full-year 2024 pro forma EBITDA guidance of €55–65 million is confirmed.
Revenue target for 2024 is €270–280 million, with B2B Marketing Solutions lagging slightly.
Management is cautious in budgeting for 2025, expecting only modest macro growth and continued mixed performance across segments.
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Frequently asked questions
New Work SE is a German company specializing in digital platforms and services that support professional networking, recruitment, and career development. The company operates platforms such as XING, a popular professional networking site in German-speaking countries, which connects professionals and offers tools for job searching, employer branding, and talent acquisition. New Work SE also provides services for freelancers, businesses, and recruitment agencies, aimed at enhancing workplace efficiency and professional networking opportunities. The company is headquartered in Hamburg, Germany, and its shares are listed on the XETRA.