Cancom (COK) Berenberg and Goldman Sachs German Corporate Conference Presentation summary

Company history and business model

• Founded in 1992, evolved from IT system house to leading digital business service provider in DACH region, with major milestones including IPO in 1999 and recent acquisition of K-Businesscom in Austria.

• Business model integrates hardware/software sales, consulting, support, and managed services, with a focus on recurring revenue streams and operational responsibility for clients.

• Operates over 80 locations in Central Europe, employs 5,600+ staff, and serves 40,000+ customers across public and private sectors.

Financial performance H1 and Q2 2024

• H1 2024 revenue rose to €835.3m (+29.1%), EBITDA to €55.5m (+33.5%), with EBITDA margin at 6.6%; organic growth was negative due to soft demand in core markets.

• German segment H1 revenue slightly declined to €558.4m, EBITDA improved to €34.1m, margin at 6.1%; positive customer signals did not fully convert.

• International segment H1 revenue surged to €277.0m (+235.6%), mainly from Austria acquisition, but organic growth was negative; EBITDA margin dropped to 7.7%.

• Q2 2024 group revenue reached €394.7m (+19.9%), EBITDA €25.1m (+43.7%), with margin at 6.4%; service business was a key growth driver.

• Q2 German segment revenue stable at €265.4m, EBITDA up to €16.1m, margin at 6.0%; international segment revenue up to €129.3m, EBITDA €9.1m, margin at 7.0%.

Cash flow, CapEx, and balance sheet

• Operating cash flow improved significantly, with H1 2024 net cash at €168.2m, up from €142.0m in H1 2023.

• CapEx for H1 2024 was €12.1m, on track despite higher digitalization investments; CapEx/revenue ratio at 1.4%.