Nagarro announces Q1 '24 results, posts profitable growth

EQS-News: Nagarro SE / Key word(s): Quarter Results/Quarterly / Interim
Statement
Nagarro announces Q1 '24 results, posts profitable growth

14.05.2024 / 07:54 CET/CEST
The issuer is solely responsible for the content of this announcement.

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May 14, 2024 - Today, Nagarro, a global digital engineering leader,
presented its unaudited financial numbers for Q1 2024 and released its
three-month statement.

In Q1 2024, revenue grew to EUR238.3 million, up 7.6% QoQ from EUR221.4 million
in Q4 2023 and up 8.7% QoQ in constant currency. Organic QoQ revenue growth
for the quarter was 7.4% in Euro terms and 8.6% in constant currency.
Revenue grew 3.8% YoY from EUR229.5 million in Q1 2023 and was up 5.0% YoY in
constant currency, while organic revenue growth was a positive 2.9% YoY in
Euro terms but a negative 0.4% YoY in constant currency. Gross profit grew
to EUR63.9 million (as per the previous method) and was EUR73.6 million (as per
the current method)* in Q1 2024 from EUR61.4 million (as per the previous
method) in Q1 2023. Gross margin remained the same as in Q1 2023 at 26.8%
(as per the previous method) and was 30.9% in Q1 2024 (as per the current
method). Adjusted EBITDA grew by EUR7.8 million from EUR31.4 million (13.7% of
revenue) in Q1 2023 to EUR39.2 million (16.4% of revenue) in Q1 2024.

EBITDA increased by EUR5.2 million from EUR30.8 million in Q1 2023 to EUR36.0
million in Q1 2024. EBIT increased by EUR3.6 million from EUR23.1 million in Q1
2023 to EUR26.6 million in Q1 2024. Net profit increased by EUR1.4 million to
EUR16.6 million in Q1 2024 from EUR15.1 million in Q1 2023.

Operating cash inflow in Q1 2024 rose to EUR25.9 million from EUR17.0 million in
Q1 2023. Days of sales outstanding, calculated based on the quarterly
revenue and including both contract assets and trade receivables, has
improved slightly, from 84 days on December 31, 2023, to 80 days on March
31, 2024.

The Net Promoter Score from the customer satisfaction survey conducted in Q1
2024 was 66. The company reduced 145 professionals (net) in Q1 2024 to
18,268.

Monika Gupta, Managing Director of Nagarro, said, 'Nagarro continues to be
the digital transformation partner of choice for our clients. We anticipate
that as confidence grows in the economy, there will be an upsurge in
opportunities for digital transformation work with our clients, facilitating
them to become human-centric, digital-first organizations.'

Nagarro SE will hold its analyst and investors meeting as a video call to
discuss the Q1 report 2024 on May 14, 2024, at 01:00 pm CEST (04:00 am PT /
06:00 am CT / 07:00 am ET / 12:00 pm BST / 03:00 pm GST / 04:30 pm IST /
07:00 pm SGT / 08:00 pm JST).

Nagarro SE will hold its retail investors call to discuss the Q1 report 2024
on May 14, 2024, at 02:30 pm CEST (05:30 am PT / 07:30 am CT / 08:30 am ET /
01:30 am BST / 04:30 pm GST / 06:00 pm IST / 08:30 pm SGT / 09:30 pm JST).

To attend, please register in advance at
https://www.nagarro.com/en/investor-relations/quarterly-statement-call-q1-2024.

* Nagarro has revised the definition of cost of revenues from Q1 2024
onwards to align it better with that of other IT services companies.


About Nagarro

Nagarro, a global digital engineering leader, helps clients become fluidic,
innovative, digital-first companies and thus win in their markets. The
company is distinguished by its entrepreneurial, agile, and global
character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro
employs around 18,250 people in 36 countries. For more information, visit
www.nagarro.com.

FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)

For inquiries, please contact press@nagarro.com.


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14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Nagarro SE
                   Baierbrunner Straße 15
                   81379 München
                   Germany
   Phone:          089 / 785 000 282
   Internet:       www.nagarro.com
   ISIN:           DE000A3H2200
   WKN:            A3H220
   Indices:        SDAX, TecDAX
   Listed:         Regulated Market in Frankfurt (Prime Standard);
                   Regulated Unofficial Market in Berlin, Dusseldorf,
                   Hamburg, Munich, Stuttgart, Tradegate Exchange
   EQS News ID:    1902061

End of News EQS News Service
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1902061 14.05.2024 CET/CEST