SUSE S A : Quarterly Statement Q3 2022

SUSE S.A.

Quarterly Statement Q3 2022, for the Three Months ended July 31, 2022

SUSE's Robust Revenue Supports High Profitability in Q3

• SUSE delivered Group ARR of $639.6 million in Q3, up 14%, demonstrating the continued strength of our subscription business
• Total ACV was $114.4 million, down 4%, down 1% at constant currency
• Core ACV was down 8%, down 5% at constant currency, as expected and driven by the available renewal pool in Q3, and Emerging ACV was up 21%, up 25% at constant currency
• Adjusted Revenue growth was 13%, 15% at constant currency, underpinned by continued strength in cloud revenue
• Adjusted EBITDA margin was 38%, with margins supported by strong cost control
• Adjusted Unlevered Free Cash Flow was $61.5 million, with Cash Conversion of 94%
• Change in Deferred Revenue was negative $18.9 million, down from positive $9.8 million in the prior year, driven by higher revenue recognition and lower ACV in the quarter
• SUSE Rancher, NeuVector and Linux products announced in May and June, highlighting SUSE's commitment to cloud-native security, landed well with customers and are supporting our order pipeline
• In September, SUSE announced a new strategic collaboration with AWS including integrated go- to-market activities across sales and marketing, shared channel enablement and training, and dedicated personnel worldwide who will support smoother migration of customers' SAP landscapes to AWS
• SUSE reaffirms full year 2022 guidance for Adjusted Revenue and Adjusted EBITDA margin. We now expect Core ACV growth around 10%, Emerging ACV growth around 20% and Adjusted Unlevered Free Cash Flow conversion of over 80% in 2022, prior to FX impacts

Note: This table contains Alternative Performance Measures as defined in Appendix 4 of this document. The presentation is based on pro forma numbers including Rancher on a coterminous basis in 2021 as if acquired on

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November 1, 2020. NeuVector is included from November 1, 2021, in all APMs, and no prior year numbers are included, being immaterial to the group.

Constant Currency movement has been provided for ACV, Adjusted Revenue and Adjusted EBITDA. The definition of Constant Currency is included within Appendix 4.

Statutory data for the year-to-date is included in Appendix 1. Reconciliations to IFRS measures are shown in Appendix 2.

Luxembourg - September 22, 2022 - SUSE S.A. (the "Company" or "SUSE"), an independent leader in open source software specializing in Enterprise Linux operating systems, Enterprise Container Management and Edge software solutions, today announced its results for the third quarter of financial year 2022, which ended July 31, 2022.

"We have delivered strong revenue and profitability amid macro-economic and geopolitical uncertainty," said Melissa Di Donato, CEO of SUSE. "We are working to address the challenges facing our business and have devised a robust plan to develop our Rancher business."

"We have demonstrated the strength of our business model with our robust revenue and profitability," said Andy Myers, CFO of SUSE. "I am pleased to confirm our revenue and EBITDA guidance for FY 2022, and while we are seeing short-term impacts on our ACV, I have continued confidence in our ability to capitalize on our market opportunity and in delivery of our medium-term guidance."

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Summary KPIs and Adjusted Profit and Loss Account for Q3 2022

Note: ARR and NRR are reported one quarter in arrears in USD millions at actual FX rates. Operating expenses exclude non-recurring items, as shown in the IFRS operating loss to Adjusted EBITDA reconciliation in Appendix 2. The presentation is based on pro forma numbers including Rancher on a coterminous basis in 2021 as if acquired on November 1, 2020. NeuVector is included from November 1, 2021, in all APMs, and no prior year numbers are included, being immaterial to the group.

Constant Currency movement has been provided for ACV, Adjusted Revenue, Cost of Sales, Adjusted Gross Profit, Opex and Adjusted EBITDA. The definition of Constant Currency is included within Appendix 4.

Adjusted Earnings Per Share is calculated on the basis of the weighted average number of ordinary shares in issue during the period. The number of ordinary shares in issue as at July 31, 2022, was 169,291,648.

In Q2 2022, SUSE updated its ARR methodology. Q2 and Q3 2022 ARR have been reported based on the updated methodology, and Q1 2022 and 2021 were restated based on the new methodology. NRR has also been updated to reflect the new methodology with limited impact on reported figures.

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Financial and Business Review

The information in this section is based on the presentation of Alternative Performance Measures as defined in Appendix 4 and has not been audited. Historical data is also based on pro forma figures including Rancher prior to its acquisition by SUSE in November 2020. The Q1 numbers for 2021 include three months for Rancher on a pro forma basis. NeuVector is included in 2022 reporting only; prior year numbers have not been restated on a pro forma basis for NeuVector.

A reconciliation to the IFRS financials is included in Appendix 2. Results are shown using actual exchange rates.

Business Update

SUSE delivered robust revenue and profitability in Q3. Early in the quarter we launched significant enhancements to SUSE Rancher, SUSE NeuVector and SUSE Linux Enterprise, highlighting SUSE's commitment to cloud-native security. These enhancements were well received by our existing and prospective customers, and they demonstrate SUSE's continued commitment to delivering innovative, open source subscription software to customers around the world.

Enterprise customers continue to sign multi-year contracts with up-front payment, and this is the basis for our confidence in our plans for long-term, sustainable growth with high profit margins and high cash conversion. In the quarter we signed important deals with new and existing customers, including a large- value SUSE Linux Enterprise renewal with upsell to a Fortune 500 company, capitalizing on our incumbency, and our first SUSE Liberty support sale in India to a prominent banking and payments institution, supplementing an existing SUSE Rancher subscription.

SUSE's markets are expanding, driven by established global mega trends and supporting demand for our products. This underpins our growth, and we continue to see strong Rancher usage and downloads as a result.

However, the current macro-economic environment continues to particularly impact our Emerging business with slower purchase decision making for new contracts and some customer project delays. This effect is less marked in our Core business where a smaller proportion of our business is new, given the strong existing subscription base. In our Emerging business, while Rancher renewals remain strong, potential new Rancher customers are more willing to run unsupported with the free version for longer as their focus on costs has intensified. Coupled with higher churn in our work force earlier in the year, these factors have impacted Emerging growth.

We are therefore evolving our Rancher business to capitalize on the significant opportunity presented by our market-leading product, with strong usage in rapidly growing markets. We are introducing, throughout Q4 FY22 and Q1 FY23, additional security certifications and capabilities for paying Rancher customers, to directly serve the evolving needs of enterprises. Furthermore, we have expanded our sales force and are now developing a specialized Rancher sales force. Finally, we are increasing Rancher's capacity for product development and technical sales support to ensure we can deliver our new capabilities and maintain our market-leading position.

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In Q3 2022 we expanded our organization, adding 69 people to our workforce despite a tough hiring environment. Wage inflation continues to be elevated but in line with our expectations accounted for within our guidance. Following elevated churn in our sales force earlier in the year, actions taken by SUSE and the softening hiring market have led to a more stable workforce with lower churn.

In early September we announced a new strategic collaboration with Amazon Web Services, Inc. (AWS) to support smoother migration of customers' SAP landscapes to AWS. This multi-year agreement is an expansion of our work with AWS and includes integrated go-to-market activities across sales and marketing, shared channel enablement and training, and dedicated personnel worldwide.

The total number of shares issued remains at 169.3 million following the increase earlier in the year, which resulted from the first Restricted Stock Unit vesting in May 2022.

Market and Revenues

Total ACV for Q3 was $114.4 million, down 4% on the prior year, down 1% at constant currency given the impact of foreign currency headwinds, primarily a stronger U.S. dollar.

The decline in total ACV was driven by Core ACV of $93.2 million in Q3, down 8%, 5% at constant currency. This decline was largely as expected and reflects our usual sales cycle, available renewal pool in Q3 2022 and a large retrospective consumption contract in Q3 2021, together with a foreign currency headwind.

Emerging ACV for Q3 was $21.2 million, up 21%, 25% at constant currency, reflecting continued strong Rancher renewals partly offset by lower new business which has been particularly impacted by the current macro-economic environment and by higher churn in our work force earlier in the year.

The LTM ACV continues to grow, up 13%.

Weighted average contract lengths, on an LTM basis, remained stable versus the prior quarter at 20 months.

Adjusted Revenue of $171.2 million was up 13%, 15% at constant currency, comprising $142.9 million in Core and $28.3 million in Emerging.

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