Ordina N : Halfjaarlijkse financiële verslaggeving

PRESS RELEASE

ORDINA N.V. INTERIM REPORT

H1 2023

CONTENTS

Ordina delivers solid performance in first half of 2023	3
H1 2023 highlights	3
Q2 2023 highlights	3
Key figures	3
Jo Maes, Ordina CEO, on the results	3
Group performance	4
Revenue	4
Employees and productivity	4
EBITDA	5
Performance per region	5
Net profit	6
Net cash and cash flow	7
Risk management	8
Management Board statement	9
Additional information	10
Condensed consolidated 2023 interim financial statements	12
Consolidated balance sheet	13
Consolidated statement of profit or loss	14
Consolidated statement of comprehensive income	15
Consolidated statement of changes in equity	16
Consolidated statement of cash flows	17
Notes to the consolidated interim financial statements	18

About Ordina

Ordina is the digital business partner that harnesses technology and market know-how to give its clients an edge. We do this by using smart solutions to connect technology, business challenges and people. We help our clients to accelerate, to develop smart applications, to launch new digital services and ensure that people embrace those services. Ordina was founded in 1973. Its shares are listed on Euronext Amsterdam and are included in the Smallcap Index (AScX). In 2022, Ordina recorded revenue of EUR 429 million. You will find more information at www.ordina.com

Forward-looking statements

This document contains forward-looking statements regarding the financial performance of Ordina N.V. and outlines certain plans, targets and ambitions based on current insights. Such forecasts are obviously not without risk and entail a certain degree of uncertainty, since there are no guarantees regarding future circumstances. There are multiple factors that could potentially result in the actual results and outcomes differing from those outlined in this document. Such factors include: general economic trends, the pace of globalization of the markets for solutions, IT and consulting, increased performance commitments, scarcity on the labor market, and future acquisitions and disposals.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Financial calendar

6 September , 2023 Extraordinary General

Meeting

2 November, 2023 Q3 Trading Update

ORDINA N.V. INTERIM RESULTS 2023 | 2

ORDINA DELIVERS SOLID PERFORMANCE IN FIRST HALF OF 2023

Nieuwegein, 1 August 2023 - Ordina N.V. (Ordina), the digital business partner that harnesses technology and

market know-howto give its clients an edge, today presents its results for first half of 2023 and the key results for the second quarter of 2023.

H1 2023 highlights

• Revenue increases by 6.2% to EUR 229.4 million (H1 2022: EUR 216.0 million);
• Business proposition revenue increases to 49% in H1 2023 (H1 2022: 46%);
• Normalized EBITDA1 increases to EUR 29.0 million (H1 2022: EUR 28.2 million);
• Normalized EBITDA margin for H1 2023 was 12.7% (H1 2022: 13.0%);
• Net profit, including one-off M&A related costs of EUR 3.3 million, falls to EUR 12.2 million (H1 2022: EUR 14.0 million);
• Net debt position stood at EUR 4.0 million at end-H1 (net cash position at end-H1 2022: EUR 26.0 million).

Q2 2023 highlights

• Revenue comes in 6.4% higher at EUR 112.0 million (Q2 2022: EUR 105.3 million);
• Normalized EBITDA increases to EUR 12.9 million (Q2 2022: EUR 10.9 million);
• Normalized EBITDA margin increases to 11.5% (Q2 2022: 10.4%);
• Ordina publishes offer memorandum and position statement regarding Sopra Steria's public offer and announces extraordinary shareholders' meeting on 6 September 2023

Key figures

																		Change
											Change							Q2 2023
											H1 2023 vs.							vs.
	(in thousands of euro, unless				H1 2023			H1 2022			H1 2022		Q2 2023		Q2 2022		Q2 2022
	stated otherwise)
	Revenue			229,396			216,038			+6.2%		111,998		105,292		+6.4%
	Working days (NL/Belux)			126/125			125/124			+1/+1		61/61		61/61		-/-
	Normalized for working days									+5.4%							-
	Normalized EBITDA			29,044			28,187			+857		12,877		10,920		+1,957
	Normalized EBITDA			12,7%			13.0%			-0.3% points		11,5%		10,4%		+1.1% points
	margin
	EBITDA			25,759			28,187			-2,428		12,170		10,920		+1,250
	EBITDA margin			11,2%			13.0%			-1.8% points		10,9%		10,4%		+0.5% points
	Net profit			12,180			13,983			-1,803		5,550		4,653		+897
	Net debt /cash position			-4,039			25,954			-29,993
	Free cash flow			-2,565			10,154			-12,719

Jo Maes, CEO Ordina, on the results

"Ordina achieved solid growth and results in the first half of the year, despite challenging conditions driven by high inflation and a tight labor market. This performance demonstrates the flexibility and resilience of our organization, as well as the effectiveness of our strategy. Our digital solutions are an effective response to the continued high demand in our key markets, with particularly strong revenue growth in the public sector with our high performance teams.

1 Normalized EBITDA is EBITDA Normalized for M&A costs, primarily the costs related to the offer for all Ordina ordinary shares

ORDINA N.V. INTERIM RESULTS 2023 | 3

We continue to strengthen our role as a digital business partner with specific solutions for the sectors in which we want to continue to grow. We continue to invest heavily in our employees' knowledge and the application of that knowledge in relevant use cases, such as in artificial intelligence (AI). For instance, we provided the expertise in AI and machine learning for the archiving of 6.5 million objects for meemoo, the Flemish Institute of Archives.

Recently, we made an important step in the process of joining forces with Sopra Steria. Sopra Steria made the official offer for Ordina's shares. We expect the transaction to be completed in the second half of this year."

GROUP PERFORMANCE

Revenue

Revenue increased by 6.2% to EUR 229.4 million in the first half (H1 2022: EUR 216.0 million). Business proposition revenue continued to increase, to 49% of total revenue in H1 2023 from 46% in H1 2022.

Revenue per market
			Change			Change Q2
			H1 2023 vs.			2023 vs.
(in thousands of euro)	H1 2023	H1 2022	H1 2022	Q2 2023	Q2 2022	Q2 2022
Public sector	105,085	89,327	+17.6%	52,671	43,941	+19.9%
Financial services	59,158	56,956	+3.9%	28,036	27,744	+1.1%
Industry	65,153	69,755	-6.6%	31,290	33,607	-6.9%
Total	229,396	216,038	+6.2%	111,998	105,292	+6.4%

Based on our strategic objective to evolve from a valuable IT service provider to a digital business partner for our clients, our focus is on our top 70 clients. We therefore achieved the highest growth (+17.6%) in our largest market, the 'Public Sector', in the first six months of 2023. Demand for our business propositions and high performance teams (HPTs) remained high and our growth came primarily from our high performance teams (HPT), business platforms & cloud and data-driven propositions.

Financial services also recorded solid growth (+3.9%) in H1 2023, with the Financial Economic Crime market theme a key growth factor. In the past six months, we recorded particularly strong growth in the business platforms & cloud, data-driven and HPT digital themes.

In our 'Industry' market, revenue declined by 6.6% compared with H1 2022. This was partly driven by the shift in revenue due to our focus on our top 70 clients, which are mainly in the other two markets. Nevertheless, we see good growth opportunities in the Industry market with solutions such as supply chain optimization, field service planner and cybersecurity & maturity.

Employees and productivity

	Year-end 2022	Net change	End-Q1 2023	Net change	End-H1 2023
Direct FTEs	2,532	-22	2,510	-70	2,440
Indirect FTEs	273	-7	266	-	266
Total	2,805	-29	2,776	-70	2,706

ORDINA N.V. INTERIM RESULTS 2023 | 4

In the first half of the year, the number of direct employees fell by 92 FTEs. The tight labor market makes it a challenge to continue to attract and retain good people. In the first half of 2023, Ordina focused on continuing to improve our operational excellence following the creation of new leadership roles and the hiring of business consultants in 2022, to further shape our strategy.

The average number of direct employees increased by 44 FTEs to 2,466 FTEs in the first half of the year, compared with last year (H1 2022: 2,422). Due to the continued strong demand for our IT services and the current tight labor market, we also used more external professionals so we could continue to serve our clients successfully.

The average number of indirect employees stood at 264 FTEs in H1 2023, which was 14 FTEs lower than in H1 2022.

Productivity stood at 71.5% in H1 2023 (H1 2022: 73.1%). The lower productivity was due to the initiatives we launched in 2022 in line with the execution of our strategy. However, this had a negative impact on productivity for the first six months of 2023. Our focus in the first half of the year has been on continuing to improve our operational excellence.

EBITDA

Normalized EBITDA rose by EUR 0.8 million to EUR 29.0 million in the first half (H1 2022: EUR 28.2 million). The normalized EBITDA margin declined by 0.3 percentage points to 12.7%. Our result improved due to the growth in the average number of direct employees, the increasing deployment of our professionals in teams, assignments based on our business propositions and improved pricing. The normalized EBITDA margin declined slightly due to margin pressure, primarily as a result of lower productivity.

Normalized EBITDA increased by EUR 2.0 million to EUR 12.9 million in the second quarter (Q2 2022: EUR 10.9 million). This increase was driven by the above-mentioned effects.

Performance per region

Revenue per region

			Change			Change Q2
			H1 2023 vs.			2023 vs.
(in thousands of euro)	H1 2023	H1 2022	H1 2022	Q2 2023	Q2 2022	Q2 2022
The Netherlands	148,560	140,823	+5.5%	72,845	68,854	+5.8%
Belgium/Luxembourg	80,836	75,215	+7.5%	39,153	36,438	+7.5%
Total	229,396	216,038	+6.2%	111,998	105,292	+6.4%

In the Netherlands, revenue rose by 5.5% to EUR 148.6 million in the first half (H1 2022: EUR 140.8 million). This growth was driven by an increase in the number of direct employees, higher pricing and increasing business proposition revenue, in line with our strategy. We recorded a sharp increase in revenue from high performance teams and business platforms & cloud. We also achieved an increase in the revenue from external hires to meet the high demand from our clients for digital solutions.

In Belgium/Luxembourg, revenue increased by 7.5% to EUR 80.8 million in the first half (H1 2022: EUR 75.2 million), driven by growth in the number of direct employees and higher revenue, in particular from the data-driven and

ORDINA N.V. INTERIM RESULTS 2023 | 5