11880 : Annual Report 2023 (English Version)

23A N N U A L R E P O R T 0

Financial Key Figures

Financial key figures of 11 88 0 Solutions Group at a glance

in EUR million	12M 2023		12M 2022		Variance absolute		Variance in percent
Revenues and earnings 11 88 0 Solutions Group
Revenues	57.1	56.0	1.0		1.9 %
EBITDA1	2.6	2.4	0.3		10.9 %
Net income (loss)	-4.3	-3.5	-0.8		-23.0 %
Details segments
Revenues Digital	44.8	43.7	1.1		2.6 %
EBITDA1 Digital	2.6	2.3	0.3		13.7 %
Revenues Directory Assistance	12.3	12.4	-0.1		-0.8 %
EBITDA1 Directory Assistance	0.0	0.1	-0.1		-77.0 %
Statement of financial position
Total assets	20.9	26.4	-5.5		-21.0 %
Cash and cash equivalents2	1.5	1.5	0.0		2.1 %
Equity	3.4	6.6	-3.2		-47.8 %
Equity ratio	16.5 %		25.1 %
Cash Flow
Cash Flow from operating activities	1.7	-0.3	2.0		>100 %
Cash Flow from investment activities	0.1	0.2	-0.1		-47.6 %
Cash Flow from financing activities	-1.8	0.2	-2.0		>-100 %
Net Cash Flow3	0.0	0.1	-0.1		-70.4 %
Key figures for the 11 88 0 share
Earnings per share (in EUR)	-0.17	-0.14	-0.03		-21.4 %
Share price (in EUR)4	0.72	1.09	-0.37		-33.9 %
Market capitalisation	18.9	27.2	-8.27		-30.5 %
Other KPIs
Digital cancellation rate (in percent)	31.0	25.0	6.0		24.0 %
Revenue per call (in EUR)	4.86	4.68	0.18		3.8 %
Number of employees5 group		514		545		-31		-5.7 %

1. Earnings before interest, tax, depreciation and amortisation
2. Portfolio of cash
3. Operating cash flow plus cash flow from investing activities plus cash flow from financing activities
4. Xetra-closingprices as of last trading day 29 December 2023
5. Headcounts as of 31 Deccember 2023 closing date (excluding the Managment Board, trainees, "mini-jobs" and dormant employment contracts)

For mathematical reasons, rounding differences amounting to +/- one unit (€, % etc.) may occur. In favour of a correct mathematical presentation, such differences are consciously accepted.

4 11 88 0 Solutions-Group · Annual Report 2023

Content 5

About us
Letter of the Management Board	06
Report of the Supervisory Board	08
11 88 0 Solutions AG on the capital market	14
Combined Management Report of the 11 88 0 Solutions Group and the 11 88 0 Solutions AG
Introductory remarks	18
Fundamental information about the Group	18
Macroeconomic and sector-specific environment	21
Course of business and forecast comparison	22
Financial situation	23
Annual financial statements of 11 88 0 Solutions AG (HGB)	26
Research and development	29
Employees	29
Opportunity and risk management	29
Report on expected developments	38
Disclosures pursuant to section 289a HGB and 315a HGB and explanatory report
in accordance with section 176 (1) sentence 1 AktG	40
Statement on corporate governance	40
Affiliated companies	42
Responsibility statement	43
Consolidated Financial Statements
Consolidated Statement of Financial Position (IFRS)	46
Consolidated Income Statement (IFRS)	48
Consolidated Statement of Comprehensive Income (IFRS)	49
Consolidated Statement of Shareholders Equity (IFRS)	50
Consolidated Statement of Cash Flows (IFRS)	51
Notes to the consolidated financial statements of 11 88 0 Solutions AG for financial year 2023....	54
Independent auditor's report	122
Corporate Information	128
Forward-looking statements	129
Corporate Structure 11 88 0 Solutions Group	130
Financial Calendar 2024	131
Imprint	131

6 11 88 0 Solutions-Group · Annual Report 2023

Letter of the Management Board

Dear Shareholders,

dear Customers and Friends

of 11 88 0 Solutions AG,

2023 was a groundbreaking year for our company, as we set a new course right from the start. The goal with which we started the 2023 financial year was very ambitious: We want to work significantly more profitably in the future to better meet the current omnipresent economic challenges and increase and accelerate the growth of our company. To this end, we have streamlined processes and introduced new, efficient structures.

From the first day of 2023, we have focused on higher profitability and have not allowed ourselves to be deterred by negative conditions such as a significant increase in the number of corporate insolvencies compared to the previous year. With great success, as we were already able to show a trend reversal after the first three months. Our efficiency measures showed an initial positive devel- opment, which we were able to further manifest in the following quarters. We were already able to report a positive operative cash flow in early summer 2023.

We have analyzed all products from our broad portfolio in detail and reviewed their efficiency. Based on these analyses, we have introduced new internal structures to simplify processes and tailor products even better to the needs of our customers. We have started to use artificial intelligence to provide better support in both our new customer processes and customer retention. In particular in the acquisition of new customers, self-developed AI solutions now help us to counteract the increased number of payment defaults and significantly improve the quality of our customer structure.

In the segment of Digital business, we have therefore logically merged product and sales areas to respond to customer requirements in a more targeted and faster manner in future. Both existing and new customer processes were optimized once again. Several 11880.com specialist portals were relaunched, and we were also able to increase awareness and sales at werkenntdenBESTEN.de, our major search engine for online reviews, by introducing an industry award.

In the middle of 2023, we made great progress from a strategic perspective: We have wanted to establish ourselves as an important player in the fast-growingpay-per-lead market for years, but we were lacking the resources to realise this step on our own. At the end of August, the opportunity arose to acquire the Cologne-basedpay-per-lead provider Ormigo GmbH as part of a non-cash capital increase. Ormigo has been one of the leading providers in this market for almost 20 years and has around

300 long-standing manufacturer partners from relevant product areas such as photocopiers, coffee machines, water dispensers, software, security systems, telecommunications and office suppli- ers. With the acquisition of Ormigo GmbH, we can now develop the pay-per-lead business area more quickly and thus accelerate the company-wide growth of our company.

In autumn 2023, after a one-year development period, we launched cleverB2B, our own B2B-platform. On the new platform, companies can search for products, manufacturers and service providers in Germany and have a professional purchasing offer

About us · Group Management Report · Consolidated Financial Statements

7

prepared by almost 300,000 suppliers. Suppliers, in turn, can respond directly to enquiries and secure orders without further sales efforts. The market offers huge potential, as more than half a million professional purchaser search online every month for suitable products and services for their company.

Our Addressable TV (ATV) service, which enables companies with a monthly budget of just 250 euro to reach their target customer group very efficiently via television, has been extremely well received since its launch one year ago. At the end of 2023, we already had around 200 happy customers.

In our legacy Directory Assistance business, we again had to accept a market-related decline in call volume of around 25 per cent in 2023, as has been the case for many years. In the past financial year, however, we were still able to largely compensate for the decline in Directory Assistance sales with our third-party call centre business. Here, too, we are continuously improving our service quality by using AI, which our customers greatly appreciate: In the past financial year, some of our long-standing customers once again increased their order volume, and we were also able to acquire new corporate customers.

The 2023 financial year was a very busy and intense year for our company, but also a successful one. We managed to implement the strategic shift without losing sight of our long-term goal: With a diverse but highly targeted product portfolio, we want to become the number 1 in the market when it comes to efficient online mar-

keting for small and medium-sized companies in Germany. In 2024, we will continue to pursue our defined efficiency strategy. We want to become even faster and more flexible and continue to operate profitably.

Thank you for travelling this path with us and continuing to place your trust in us.

Sincerely,

Christian Maar

Chief Executive Officer

Essen, 23 April 2024

8 11 88 0 Solutions-Group · Annual Report 2023

Report of the Supervisory Board

for the financial year from

1 January 2023 to 31 December 2023

11 88 0 Solutions AG's 2023 financial year was characterized by the persistently challenging general national and international economic situation. However, thanks to the strategic shift initiated at the beginning of 2023, the Company held up well in the crisis despite the difficult circumstances: the focus was on increasing efficiency, profitability, and economic sustainability in customer relationships. The product portfolio was optimized, and a new portal was added with cleverB2B. In the Digital Business, customer growth was also deliberately avoided in favour of the overall efficiency program. The acquisition of Ormigo GmbH in the third quarter to strengthen the pay-per-lead business area and the cash capital increase in the fourth quarter were further key milestones in the management of the Company in 2023.

In the 2023 financial year, the Supervisory Board of 11 88 0 Solutions AG supported the management of the Executive Board's business in fulfilment of its statutory advisory and supervisory function and was on hand to always advise it.

Supervisory Board activities in the 2023 financial year

The Supervisory Board of 11 88 0 Solutions AG performed the duties incumbent upon it in accordance with the law and the Articles of Association in the 2023 financial year. The management of 11 88 0 Solutions AG by the Management Board member Christian Maar was fully monitored by the Supervisory Board. To this end, the Supervisory Board was informed continuously and in detail about general business developments, key financial figures, global political issues, and the associated potential risks. The Supervisory Board also advised the Executive Board on sustainability issues and was regularly informed about the environmental and social impact of the Company's business activities. The corporate

strategy and associated decisions were regularly discussed jointly by the Supervisory Board and the Executive Board. The Supervisory Board also met regularly without the Executive Board.

In the 2023 financial year, the Supervisory Board's monitoring of management related to increasing the Company's efficiency and profitability, which were previously defined as the Company's core objectives for 2023, as well as to the effects of the regulatory influence exerted by the Federal Network Agency. In the Directory Assistance segment, the market-related decline in call volume was largely offset by the cooperation with the Directory Assistance Company FRED 11811. In the third-party call centre business, the Company continued to position itself as a high-quality provider of call centre services by expanding existing customer relationships and acquiring new customers.

The Audit Committee reviewed the accounting and monitored the accounting process, the effectiveness of the internal control system, the risk management system and the Company's internal audit system as well as the audit of the financial statements in the 2023 financial year. This also included reviewing the sustainability report, which extends beyond the usual economic aspects to include environmental and social aspects. The committee also dealt intensively with the efficiency of the Company's internal compliance processes, pending legal disputes and the associated potential risks. The Audit Committee reported in full on these activities to the Supervisory Board.

Following a careful review of the independence and qualification of services and fees provided to date, the Supervisory Board commissioned PricewaterhouseCoopers GmbH, Wirtschaftsprüfungs-

About us · Group Management Report · Consolidated Financial Statements

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gesellschaft, Essen, to audit the annual financial statements and consolidated financial statements for 2023 and to audit the remuneration report.

Organisation of the Supervisory Board's work

A constant and reliable flow of information supports the Supervisory Board in the effective fulfilment of its duties. The full Supervisory Board receives regular reports from the Audit Committee, the Nomination Committee and the Personnel Committee. The Audit Committee monitors the accounting, the Company's internal control system and the audit of the financial statements. It also prepares the basis for discussions and Supervisory Board resolutions on current issues.

In 2016, the Supervisory Board of 11 88 0 Solutions AG had an approval process developed to monitor the independence of the auditor, which ensures the approval of permissible non-audit services by the auditor in accordance with EU Regulation 537/2014, which came into force on 17 June 2016.

Composition and personnel of the Supervisory Board

The formation of the Supervisory Board of 11 88 0 Solutions AG is based on the provisions of §§ Sections 96 (1) and 101 (1) of the German Stock Corporation Act in conjunction with Sections 1 (1) and 4 of the One-Third Participation Act. In accordance with Section 4.1 (1) of the Articles of Association of 11 88 0 Solutions AG, the Supervisory Board consists of four members elected by the Annual General Meeting and two members elected by the employ- ees. The aim of the Supervisory Board is to successfully support the Company on its way to becoming the leading provider in the online marketing of small and medium-sized companies in Germa- ny. Personal experience and expertise in the fields of business and digitalisation were therefore considered in the composition of the Supervisory Board in order to ensure that the members as a whole are familiar with the sector in which 11 88 0 Solutions AG operates.

In the 2023 financial year, the Supervisory Board of 11 88 0 Solutions AG comprised the following members: Dr Michael Wiesbrock (Chairman), Michael Amtmann (Deputy Chairman), Dr Silke Feige, Ralf Ruhrmann, Sandy Jurkschat and Leonard Kiedrowski.

Both, Dr Michael Wiesbrock and Ralf Ruhrmann have expertise in the areas of accounting and auditing and therefore fulfil the legal requirements.

The Audit Committee, chaired by Dr Michael Wiesbrock, also included Ralf Ruhrmann and Sandy Jurkschat.

Dr Michael Wiesbrock and Michael Amtmann were members of the Nomination Committee.

The Personnel Committee was made up of Dr Michael Wiesbrock and Michael Amtmann.

Meetings and attendance

The Supervisory Board held four ordinary meetings in the 2023 financial year, which took place on a quarterly basis. The Supervisory Board also held extraordinary meetings in the middle and end of August 2023: At the first extraordinary meeting, the Executive Board informed the Board about the business model of the target company Ormigo GmbH and the deal ratio of the takeover as part of the capital increase in return for a non-cash contribution. In addition, the auditor of the contribution in kind discussed in detail the preliminary results of the audit of the value of the contribution in kind at the time. At the second extraordinary meeting, the Supervisory Board approved the implementation of the capital increase against contributions in kind with the exclusion of subscription rights by utilising the Authorised Capital 2020 and the associated resolutions on the amendments to the Articles of Association due to the capital increase and on the conclusion of the takeover and contribution agreement.

The Supervisory Board member Michael Amtmann is also Managing Director of united vertical media GmbH (uvm). Against this background, Michael Amtmann abstained from voting in the Supervisory Board's resolution on the approval of the capital increase against contributions in kind by utilising the Authorised Capital 2020 and the associated resolutions on the amendments to the Articles of Association due to a potential conflict of interest. Michael Amtmann also did not participate in the resolution on the approval of the conclusion of the takeover and contribution agreement with Euro Serve Media GmbH, which is part of the Müller Medien family of companies and which in turn holds a 72.3 % stake in 11 88 0 Solutions AG via its holding Company uvm, in accordance with Section 111b (2) AktG. Michael Amtmann also abstained from voting on the resolution regarding the Supervisory Board's approval of the loan agreement between the Company and uvm and the addendum thereto.

10 11 88 0 Solutions-Group · Annual Report 2023

All meetings, including extraordinary meetings and committee meetings, were held as hybrid events. This means that members were able to participate both in person and by telephone or video.

All members of the Supervisory Board attended all meetings of the Supervisory Board and the respective committees - insofar as they are members here. In addition, the Supervisory Board passed two resolutions by way of circulation, which were also attended by all members.

The Audit Committee met four times in the 2023 financial year with the participation of all members. The Nomination Committee, which consists of two members, did not meet in the past financial year due to a lack of necessity; the Personnel Committee met five times.

Corporate governance and remuneration of the Management Board

On 26 March 2024, the Supervisory Board unanimously approved the joint declaration of compliance by the Management Board and Supervisory Board of 11 88 0 Solutions AG in accordance with Section 161 of the German Stock Corporation Act (AktG). The Man- agement Board and Supervisory Board of 11 88 0 Solutions AG declare that all recommendations of the German Corporate Gov- ernance Code of 28 April 2022 published in the Federal Gazette on 27 June 2022 have been and are being complied with, except for the deviations stated in the declaration of compliance, which are in the interests of the Company. The current declaration of compliance is permanently available to the public on the Com- pany's website at https://ir.11880.com/corporate-governance/entsprechenserklaerung.

The remuneration system for the Management Board approved by the Annual General Meeting in 2022 and the remuneration sys- tem for the Supervisory Board are also available on the Company's website at https://ir.11880.com/verguetung-vorstand-und-auf-sichtsrat. Together with the Management Board, the Supervisory Board has prepared a remuneration report for the 2023 financial year in accordance with Section 162 of the German Stock Corpora- tion Act (AktG), which was audited by the Company's auditor and issued with an audit opinion in accordance with Section 162 (3) AktG. Following approval of the prepared and audited remunera- tion report of the Executive Board and Supervisory Board by the 2024 Annual General Meeting, this report will also be made avail- able at the above Internet address.

Audit of the 2023 annual and consolidated financial statements

Based on the resolution of the Annual General Meeting on 13 June 2023, the Supervisory Board commissioned PricewaterhouseCoopers GmbH, Wirtschaftsprüfungsgesellschaft, Essen, with the audit. The Company's annual financial statements, management report, IFRS consolidated financial statements and Group management report for the 2023 financial year were audited by PricewaterhouseCoopers GmbH, Wirtschaftsprüfungs- gesellschaft, Essen.

The annual financial statements of 11 88 0 Solutions AG, the management report and the Group management report were prepared in accordance with German legal requirements. The consolidated financial statements were prepared in accordance with the International Financial Reporting Standards (IFRS) as applicable in the European Union (EU) and in accordance with the supplementary provisions of commercial law applicable under Section 315e (1) of the German Commercial Code (HGB). The annual financial state- ments, management report, consolidated financial statements and Group management report as of 31 December 2023 were each issued with an unqualified audit opinion. The financial statement documents and audit reports were made available to the members of the Audit Committee and all members of the Supervisory Board in good time. The annual financial statements and management report under commercial law, the IFRS consolidated financial statements and the Group management report as well as the audi- tor's reports were reviewed by the Audit Committee and the entire Supervisory Board and discussed in detail with the auditor in the Audit Committee. The Audit Committee continuously assured itself of the quality of the audit during the audit process and consulted with the auditor without the Management Board. The auditor took part in the final discussion of the Company's annual financial statements and consolidated financial statements at the Supervisory Board's balance sheet meeting on 25 April 2024, which was held in a combination of face-to-face and video conference. He explained the audit process to all those present, presented the key audit findings, answered questions and was available to provide additional information during the discussions. The Chairman of the Audit Committee also reported to the full Supervisory Board on the audit of the financial statements by the Audit Committee.