Nagarro releases audited results for 2023 - annual revenue grew 9.4% in
constant currency

EQS-News: Nagarro SE / Key word(s): Annual Results/Annual Report
Nagarro releases audited results for 2023 - annual revenue grew 9.4% in
constant currency

16.04.2024 / 08:02 CET/CEST
The issuer is solely responsible for the content of this announcement.

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April 16, 2024 - Today, Nagarro, a global digital engineering leader,
presented its audited financial numbers for 2023 and its Annual Report for
2023. FY 2023 shows consistent performance and 6.5% revenue growth.

Revenue grew to EUR912.1 million in 2023, up from EUR856.3 million in 2022, a
YoY growth of 6.5%. The constant currency growth in annual revenue was 9.4%.
The company had guided for revenue to be in the region of EUR915 million.
Gross profit and Adjusted EBITDA were affected by excess capacity throughout
the year because of moderation in growth. Gross profit was EUR235.7 million in
2023, against EUR247.1 million in 2022. Gross margin was 25.8% in 2023 against
the guidance of 26% and compared to 28.9% in 2022. Adjusted EBITDA was
EUR126.1 million in 2023, against EUR148.5 million in 2022. Adjusted EBITDA
margin was 13.8% in 2023 against the guidance of 13% and compared to 17.3%
in 2022. EBITDA was EUR121.3 million in 2023, against EUR145.6 million in 2022.
EBIT was EUR86.2 million in 2023, against EUR112.4 million in 2022. Net profit
was EUR52.1 million in 2023, against EUR77.4 million in 2022. The number of
clients doing more than EUR1 million in annual revenue with Nagarro - an
important internal indicator of growth potential - rose from 159 in 2022 to
181 in 2023.

Operating cash flow was EUR77.7 million in 2023 against EUR82.3 million in 2022.
Fund utilization under the factoring program was reduced by EUR23.2 million in
2023. Days of sales outstanding, calculated based on the quarterly revenue
and including both contract assets and trade receivables, increased from 69
days on December 31, 2022, to 84 days on December 31, 2023, also reflecting
the decrease in factoring volume.

Nagarro's cash balance at the end of 2023 was EUR110.1 million as against
EUR110.2 million at the end of 2022. The company reported 18,413 professionals
as of December 31, 2023.


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 over 18,000 people in 36 countries. For more information, please
visit www.nagarro.com.

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

For inquiries, please contact press@nagarro.com.


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16.04.2024 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:    1880995

End of News EQS News Service
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1880995 16.04.2024 CET/CEST