GFT Technologies : CEO Speech

GFT Technologies SE

Investor Relations

70567 Stuttgart

Germany

Tel. [phone]

[e-mail]

www.gft.com

Annual General Meeting | 20 June 2024

Excerpts from the speech held by

Marika Lulay

CEO of GFT Technologies SE

The spoken word applies

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Many thanks Ulrich Dietz.

Dear shareholders,

Welcome to this year's Annual General Meeting of GFT Technologies SE. I am delighted you have joined us online today to discuss our achievements and objectives.

Companies that use digital solutions for their business processes can respond more quickly to market changes and establish new business models. The flexibility and scalability of digital technologies are decisive factors for the growth of our clients' businesses.

And this is also what drives our growth.

In 2023, we made it into the top 10 global IT service providers focusing on the financial services sector in 5 countries - a truly impressive achievement.

These countries include Brazil - our largest market - as well as Italy, Spain, Mexico and Canada.

And with the acquisition of Sophos Solutions in Colombia, we are now among the top 3 in Latin America in 2024.

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Our success is based on 4 strategic pillars:

Our product portfolio:

We focus on modernising the IT landscapes of our clients. In other words, we make the IT systems of our clients cloud-ready, standardised and less maintenance-intensive. This accounts for the lion's share of our revenue.

And of course, we also help our clients to utilise artificial intelligence.

The second pillar is our global network of partners:

Our partnerships with leading global cloud providers, such as Amazon Web Services and Google - as well as highly specialised solution providers - enable us to scale our business - globally.

We enhance our organic growth with targeted acquisitions - as we recently demonstrated with our acquisition in Colombia. This is the third pillar of our success. We are constantly on the lookout for healthy companies to further expand our global market position and competitive advantage.

And all the while, we continue to demonstrate our operational strength and solidity: we place great emphasis on efficient processes within our organisation, ensuring that we achieve

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profitable growth. And a healthy balance sheet is the foundation for this profitable growth.

One megatrend is currently playing into our hands and fundamentally changing the world of technology: artificial intelligence!

In the past year, there was a particularly sharp increase in demand for so-calledgenerative AI solutions. And we too are harnessing the benefits of this technology to boost our own productivity, especially with regard to coding.

We have aligned our product portfolio accordingly and launched our AI.DA Marketplace in September 2023 - with great success!

We have since seen a great deal of interest in our AI solutions pooled in this marketplace - not only from banks, but also from industries such as the automotive and textile sectors.

Since the rollout of the AI.DA Marketplace, our revenue from AI solutions has already more than doubled.

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Let me give you one example: our product GFT AI Impact.

This solution uses generative AI to support various steps in the software development process. It is currently being tested by numerous major banks, insurers and infrastructure companies in South America and Europe. AI Impact can increase overall productivity in a software development lifecycle by around 25 percent - and by more than 70 percent in some areas.

I am absolutely convinced that there will be no software development without generative AI in the future. It is a transformation process within our own sector that everyone will have to go through.

Our team - dear shareholders - is already preparing clients for these future trends. And I am sure that I do not need to tell you again that a good team is the key to success - especially for IT companies.

Without the excellent performance and outstanding dedication of the people who work day in, day out for the success of GFT, we would not be where we are today. I would like to express my sincere gratitude to the 12,000-plus GFT talents who now work for us.

A clear indication that our employees enjoy working for us is the low rate of staff turnover. This so-called attrition rate has

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steadily decreased over the last seven quarters and is currently below 10 percent - a respectable figure, especially compared to other companies in our sector where it is much higher.

Moreover, the very successful integration processes of our acquired companies on the whole confirm that our corporate culture and welcoming environment are also being well received by new employees.

Let us now take a look at the past financial year:

The beginning of 2023 was marked by the surprising insolvency of Silicon Valley Bank, and the whole year was impacted by persistently high inflation.

As a result, financial institutions were reluctant to place orders. Moreover, decision-making cycles have become longer.

Despite all this, however, we still succeeded in posting double- digit growth and improving our margins once again.

Specifically, our revenue rose by around 10 percent to almost 790 million euros and we improved adjusted EBIT by 9 percent to 73 million euros.

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What's more, our balance sheet structure also remained extremely sound and well-balanced in 2023. We significantly improved our equity ratio by 3 percentage points to 43 percent.

But we also made good progress in the field of sustainability. Our greenhouse gas emissions fell by 10 percent in 2023. And we improved our performance in two important ESG ratings: we received the silver medal from ecovadis and in the Carbon Disclosure Project, or CDP rating, we improved from C to B in the climate change category.

Ladies and gentlemen,

2023 was a turbulent year on the stock markets. Tech stocks in particular came under pressure. Over the course of the year, the GFT share price also fell by 8 percent. Although this performance was still better than our peer group, it was obviously not satisfactory - neither for you nor us.

Analysts expect a significantly higher valuation for our share, with an average upside target of over 40 euros.

Our fundamentals speak for themselves and the high pressure to digitalise in the banking sector is regarded as a key growth driver.

For many years now, we have attached great importance to ensuring that you, our shareholders, enjoy a fair share of the

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company's success. In line with this dividend policy, we therefore propose that this year's Annual General Meeting approve a dividend of 50 cents per share - an increase of 5 cents compared to last year.

Let us now turn to the future. How have we fared so far in the new financial year? If we look at the first quarter of 2024:

We achieved a year-on-year increase in revenue of 13 percent to 212 million euros.

Adjusted EBIT rose by 6 percent to 17 million euros.

The integration of our acquisition in February, Sophos Solutions, is in full swing - and has gone smoothly so far. With its strong market standing in Latin America, the Colombian IT specialist is a perfect fit for GFT, both in terms of our core business - the modernisation of banking platforms - and our corporate culture.

We are confident that the integration process will be successfully completed as early as the first quarter of 2025.

Despite the fact that companies were still holding back on capital spending in the first half of 2024, we are convinced they are poised to invest huge sums in modernising their IT landscapes by migrating to the cloud and deploying artificial intelligence.

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We have no doubt about this and our pipeline for the second half of the year is well filled.

The trend towards digital banks also shows no signs of abating. We can now set up neobanks, such as Saltbank in Romania, in less than a year.

We can therefore confirm our full-yearguidance for 2024. We expect growth rates of around 15 percent for both revenue and adjusted EBIT.

If we now look even further ahead - how will GFT's success story continue?

Our strategic positioning in the field of artificial intelligence and digital currencies is already paying off. The AI.DA Marketplace has attracted a great deal of interest and demonstrates that our innovative solutions are in sync with current trends. But this is not all.

Our payment network, the Universal Digital Payment Network, or UDPN for short, recently entered the market with a commercial test environment, a so-calledsandbox, and the response has been extremely positive. Several commercial and central banks in Asia and Europe are already using this sandbox to simulate new

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business transactions using digital currencies of all kinds on the UDPN infrastructure.

Cross-border payment transactions using digital currencies will be the future - especially for interbank settlements and the export and import of goods.

We are already preparing for the next big wave. We want to establish a new transaction-based and thus profitable business field with the potential to improve GFT's bottom line in particular.

Dear shareholders,

I stand before you today with mixed feelings. This is my last Annual General Meeting as CEO of GFT - a company I have served for more than 20 years, first as a member of the Executive Board and then as CEO since 2017.

22 years in which the face of our company has changed significantly: we have enjoyed strong growth and developed into an international group that extends far beyond the borders of Germany and Europe.

As a pioneer of digital transformation, we now help clients around the world to pursue their objectives. With our instinct for the next technological developments, we are always one step ahead - even from an international perspective.

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