Amsterdam
15 July 2024 | TOM2SECOND QUARTER AND HALF YEAR 2024 RESULTS

Good progress amidst challenging market conditions
TOMTOM’S CHIEF EXECUTIVE OFFICER, HAROLD GODDIJN"In the first half of the year, we saw the commercial launch of TomTom Orbis Maps with global coverage. These
maps form a solid foundation for the strengthening of our competitive position. As a result, we see traction in ourEnterprise business, with the uptake of the new maps expanding across both the private and public sectors.
As an important proof point of its quality, Microsoft decided to adopt TomTom Orbis Maps for their location
technology needs. With our maps and traffic powering Microsoft's enterprise and consumer offerings, millions ofusers will be able to benefit from their accuracy, reliability, and global coverage.
Long-term automotive industry trends continue to support a deeper integration of our technologies into the vehicle
over time. However, a combination of downward revisions for near-term car production volumes and delays in newmodel introductions has resulted in a generally less predictable market environment. In light of these developments,
we now expect our full-year revenues to come in at the lower end of our guidance."
OPERATIONAL SUMMARY– Microsoft selected TomTom Orbis Maps, as well as our traffic and navigation, to power location-based features
across its product suite– Various companies chose our location technology to power their products and operations, including Qualcomm,Moody’s, Miovision, BMW Motorrad, and Bolt
– We entered the public sector market with TomTom Orbis Maps, licensing maps to the Australian Government– The Volkswagen Group launched the first car models with our navigation software on board
FINANCIAL SUMMARY SECOND QUARTER 2024
– Group revenue decreased by 3% to €152 million (Q2 '23: €157 million)– Location Technology revenue increased to €129 million (Q2 '23: €128 million)– Automotive operational revenue decreased by 2% to €89 million (Q2 '23: €90 million)– Free cash flow1 is an outflow of €5 million (Q2 '23: inflow of €3 million)– Net cash of €258 million (Q4 '23: €315 million)
KEY FIGURES(€ in millions, unless stated otherwise)Q2 '24Q2 '23y.o.y.
changeH1 '24

H1 '23y.o.y.
changeLocation Technology

128.7

128.2

0%

247.3

246.2

0%

Automotive

87.3

90.9

-4%

170.6

172.0

-1%

Enterprise

41.4

37.3

11%

76.7

74.2

3%

Consumer

23.4

28.4

-17%

44.1

51.0

-14%

Revenue

152.2

156.5

-3%

291.5

297.3

-2%

Gross result

121.0

129.3

-6%

241.4

250.0

-3%

83%

84%

-5%

251.5

250.9

Gross margin

80%

83%

Operating expenses

126.2

132.8

Operating result (EBIT)

-5.2

-3.6

-10.1

-0.9

Operating margin

-3%

-2%

-3%

0%

Net result

-2.3

-4.5

-7.2

-1.5

1

Free cash flow (FCF)

-4.7

3.1

-14.1

13.6

FCF1 as a % of revenue

-3%

2%

-5%

5%

1

0%

Free cash flow in 2023 excludes restructuring payments related to the Maps realignment announced in June 2022.

This report includes the following non-GAAP measures which are further explained at the end of this report: operational revenue; gross margin;
EBIT (margin); EBITDA (margin); free cash flow; net cash and gross deferred revenue.
Investor Relations
Phone | +31 20 757 5194
Email | ir@tomtom.com

1/20

TOMTOM’S CHIEF FINANCIAL OFFICER, TACO TITULAER"The developments in the first half of the year have led us to revise our expectations. To reflect lower Automotive
operational revenues, we now expect both Group and Location Technology revenues for 2024 to come in at thelower end of the guided range and consequently are adjusting our free cash flow guidance downward. Furthermore,
due to the lessened predictability in the automotive industry and longer-than-anticipated sales cycles in Enterprise,
we are not yet able to realize our financial ambition by 2025. We will provide guidance for 2025 with the publicationof our full-year 2024 results.
Financial performance in the second quarter was mixed. Our Enterprise business recorded a double-digit year-onyear increase in revenues, driven partly by a contract in the public sector. Automotive operational revenues declined
year on year, partially explained by a one-off included in the comparative year. On a reported basis, the positive
impact from the start-of-production of our contract with Volkswagen Group was more than offset by the
aforementioned base year effect, resulting in a year-on-year revenue decline."
OUTLOOK 2024
Updated outlook
2024

Previous outlook
2024

Actual2023

Revenue

570 - 610

570 - 610

585

Of which Location Technology

490 - 520

490 - 520

491

1% - 5%> 5%

5%(€ in millions, unless stated otherwise)

1

FCF as % of Group revenue
1

Free cash flow in 2023 excludes restructuring payments related to the Maps realignment announced in June 2022.

REVENUE AND SEGMENT PERFORMANCE FOR THE PERIOD
Revenue for the second quarter amounted to €152 million, a decrease of 3% compared with the same quarter lastyear (Q2 '23: €157 million).
LOCATION TECHNOLOGY
Location Technology revenue in the quarter increased to €129 million (Q2 '23: €128 million). Location Technology
segment EBIT for the first half of 2024 showed a year-on-year decrease, as the marginal increase in revenues wasless than the increase in cost of sales and operating expenses. The second-quarter gross result was negatively
impacted by the release of non-recurring engineering (NRE) costs at the start of production of some customers'
programs.
(€ in millions, unless stated otherwise)

y.o.y.
changeH1 '24

H1 '23y.o.y.
change

90.9

-4%

170.6

172.0

-1%

37.3

11%

76.7

74.2

3%

128.2

0%

247.3

246.2

0%

4.8

20.3

Q2 '24Q2 '23

Automotive

87.3

Enterprise

41.4

Location Technology revenue

128.7

Segment EBITDA
EBITDA margin (%)

2%

8%

Segment EBIT

-12.6

-2.6

EBIT margin (%)

-5%

-1%

Automotive generated revenues of €87 million in the quarter, representing a 4% decrease year on year. The modest
reported decrease in Automotive revenue was primarily the result of a relatively strong comparative year, as
revenues in Q2 '23 included a one-off increase from royalties related to previous periods. This base year effect waspartially offset by the recognition of revenues related to the aforementioned start of production of some customers'
programs in the current quarter.

2/20

Automotive operational revenue decreased by 2% year on year, to €89 million (Q2 '23: €90 million), reflecting the
aforementioned one-off royalties included in the comparative year. Automotive operational revenue is calculated asfollows:

Q2 '24Q2 '23y.o.y.
changeH1 '24

H1 '23y.o.y.
changeAutomotive revenue

87.3

90.9

-4%

170.6

172.0

-1%

Movement of Automotive deferred revenue

1.7

-0.4

-2.6

2.1

Automotive operational revenue

89.0

90.5

168.0

174.1

(€ in millions, unless stated otherwise)

-2%

-4%

Enterprise revenue increased by 11% year on year, to €41 million (Q2 '23: €37 million). This increase reflects,
among others, revenues related to the recently-signed contract to supply global map data to the AustralianGovernment, which contributed meaningfully to revenues in the second quarter. Due to the specific nature ofcontracts in the governmental sector, a comparatively larger portion of revenues is recognized up front.
Next to this new contract to support the Australian Government, our Enterprise business had various othersuccesses during the quarter. Importantly, Microsoft adopted TomTom Orbis Maps to power its enterprise andconsumer offerings, including Azure Maps, Bing, Power BI, and the Office suite, reaching millions of users
worldwide. As part of the agreement, we entered into a collaboration with Microsoft to infuse our products withartificial intelligence and jointly launch go-to-market initiatives in automotive, logistics, and mobility.
Our map data and Maps APIs were also selected by Qualcomm to support their new asset tracking platform,
providing users with real-time location intelligence on a global scale. In addition, ride-hailing and food delivery
company Bolt is using our traffic information to drive operational improvements. Bolt's riders, drivers, and delivery
partners now benefit from better routing and more accurate travel time estimates. Moody's, Miovision, and a host ofother companies selected our location technology as well, to enhance offerings and optimize business processes.
In Automotive, we saw the Volkswagen Group launch the first car models with our navigation software on board.
Starting with premium EVs, the software is tightly integrated into Volkswagen Group's vehicle platforms, providing
seamless operation across infotainment and the most advanced driver assistance systems. Further, we aresupporting BMW Motorrad's global lineup of motorcycles with our full navigation stack, enabling an innovative builtin navigation experience that riders can also access via a dedicated mobile app.
CONSUMER
Consumer reported revenues of €23 million for the quarter, 17% lower compared with the same quarter last year
(Q2 '23: €28 million). Consumer segment EBIT increased in the first half of 2024, compared with the same period
last year.
Q2 '24Q2 '23y.o.y.
changeH1 '24

H1 '23y.o.y.
change

23.4

28.4

-17%

44.1

51.0

-14%

Segment EBITDA

5.8

3.8

EBITDA margin (%)

13%

7%

Segment EBIT

5.5

3.4

EBIT margin (%)

12%

7%

(€ in millions, unless stated otherwise)

Consumer revenue

3/20

RESULT FOR THE PERIODGROSS MARGIN
The gross margin for the quarter was 80%, which is 3 percentage points lower than the gross margin reported forthe same quarter last year (Q2 '23: 83%). This decrease was driven by the release of NRE costs at the start ofproduction of some customers' programs, which more than offset the positive effect from a relatively larger
proportion of high-margin Location Technology revenue in our revenue mix.
OPERATING RESULT
Operating result (EBIT) in the quarter was a loss of €5 million (Q2 '23: loss of €4 million). Total operating expenses
in the quarter were €126 million, a decrease of €7 million compared with the same quarter last year (Q2 '23: €133
million). This decrease reflects lower depreciation and amortization charges as well as lower personnel expenses.
FINANCIAL INCOME, EXPENSES AND INCOME TAX
The financial result for the quarter was an income of €2.4 million (Q2 '23: income of €0.7 million), driven by interest
income on our cash balances.
The income tax gain for the quarter was €0.4 million, compared with an income tax expense of €1.6 million in thesame quarter last year. The gain in the quarter results from a prior period adjustment for one of our foreignsubsidiaries.

CASH FLOW, LIQUIDITY, AND WORKING CAPITAL
A reconciliation from operating result to free cash flow, to net cash movement is presented below:(€ in millions)Q2 '24Q2 '23

H1 '24

H1 '23Operating result (EBIT)

-5.2

-3.6

-10.1

-0.9

Depreciation and amortization

8.9

11.2

17.8

23.7

Equity-settled stock compensation expenses

3.7

3.9

6.4

6.6

Other non-cash items

-0.9

-1.9

-0.4

-2.5

Movements in working capital (excl. deferred revenue)

-5.4

-4.0

-30.1

-15.0

Movements in deferred revenue

-5.5

-3.9

3.4

-0.7

Interest and tax payments

1.0

-1.6

0.9

-3.1

Investments in property, plant and equipment, and intangible assets

-1.1

-2.9

-2.0

-4.2

Free cash flow

-4.7

-2.7

-14.1

3.8

Lease payments

-2.1

-3.1

-4.2

-6.6

Cash flow from other investing and financing activities

-18.9

0.4

-38.8

15.3

Exchange rate differences on cash and fixed-term deposits

-0.1

0.2

0.0

-0.2

Net cash movement

-25.7

-5.2

-57.1

12.3

In Q2 '24, free cash flow was an outflow of €5 million, versus an outflow of €3 million in the same quarter last year, adecrease of €2 million year on year. This decrease primarily reflects lower EBITDA.
Movements in working capital include, among others, pay-outs related to the reorganization resulting from thefurther streamlining of our R&D activities as referred to in our Q4 '23 results press release.
The deferred revenue position decreased by €5.5 million during the second quarter, from €442 million to €437
million. The movement in deferred revenue in H1 '24 was an increase of €3.4 million, from €433 million at the end of
2023.

4/20

The following table presents the deferred revenue including the effect of netting:(€ in millions)

30 June 2024

31 March 2024

31 December 2023

Automotive

429.2

427.6

431.8

Enterprise

20.5

21.0

10.3

Consumer

19.8

18.7

19.6

Gross deferred revenue

469.6

467.3

461.7

Less: Netting adjustment to unbilled revenue

33.0

25.1

28.4

Deferred revenue

436.6

442.2

433.3

Investments in property, plant and equipment in the quarter decreased compared with the same quarter last year,
as 2023 included capital expenditures related to the refurbishment of our headquarters.
Cash flow from other investing and financing activities in the quarter primarily reflect the cash-out related to ourshare buyback program. The share buyback program, announced on 30 October 2023, was completed on 26 June
2024. As part of the program, a total of 7.8 million shares were repurchased at an average price of €6.39, for a total
consideration of €50 million. In line with the aim of the program, we intend to cancel 7.4 million shares, with thecancellation expected in August 2024. The remaining shares purchased as part of the buyback program will be
used to cover commitments arising from long-term employee incentive plans.
On 30 June 2024, the Group had no outstanding bank borrowings and reported a net cash position of €258 million(Q4 '23: net cash of €315 million).
- END -

5/20

TomTom NV
Semi-Annual Financial Report
30 June 2024
(Unaudited)

6/20

Contents
Semi-annual Management Board report
Consolidated condensed statement of income
Consolidated condensed statement of comprehensive income
Consolidated condensed balance sheet
Consolidated condensed statements of cash flows
Consolidated condensed statement of changes in equity
Notes to the consolidated condensed semi-annual financial statements

7/20

SEMI-ANNUAL MANAGEMENT BOARD REPORT
TomTom N.V. (the ‘company’ and together with its subsidiaries referred to as ‘the group’) is a leading independent
location technology specialist, shaping mobility with rich and accurate maps, navigation software, real-time traffic
information, and services. TomTom has around 3,700 employees located around the globe.
The commercial activities of the group are carried out through two segments, Location Technology and Consumer.
Location Technology provides maps, services (e.g., traffic and travel information), and navigation software tobusiness customers in two different sales channels. Automotive serves customers active in the automotive industry(mainly OEMs and Tier 1 suppliers), while Enterprise serves a wide range of public and private sector customers.
Our Consumer business offers products in the form of portable navigation devices (PNDs) and mobile applications,enhancing the driving experience with greater ease, efficiency, and safety.
Within our Location Technology segment, we aim to grow revenue by providing the most useful, up-to-date, andsmartest technologies to power a diverse range of use cases. We are well-positioned to capitalize on opportunities
in Automotive, related to electrified and automated driving as well as the software-defined vehicle. In Enterprise, we
see significant opportunities, with our technologies helping customers across a wealth of markets and industries
become more competitive.
Our Consumer business aims to maximize cash flows from the sale of PNDs and mobile applications.
MARKET AND TOMTOM OUTLOOK 2024
During H1 '24, we experienced mixed financial performance. Automotive revenues declined marginally, while
Enterprise revenues rose modestly.
A combination of downward revisions for car production volumes and delays in new model introductions has
resulted in a generally less predictable market environment. In light of these developments, we now expect bothGroup and Location Technology revenues for 2024 to come in at the lower end of the guided ranges of between€570 million and €610 million for the Group, and between €490 million and €520 million for Location Technology.
Consequently, we are adjusting our free cash flow guidance to between 1% and 5% of Group revenue.
FINANCIAL REVIEW FOR THE SIX-MONTH PERIOD ENDED 30 JUNE 2024
REVENUEThe Group generated revenue of €291 million in H1 '24, €6 million lower compared with €297 million in the same
period of 2023.
Location Technology generated revenue of €247 million in H1 '24, a marginal increase compared with €246 million
in H1 '23.
Automotive revenue decreased by 1% to €171 million (H1 '23: €172 million), reflecting the aforementioned
development in the industry and partly due to a one-off royalty revenue from previous periods included in thecomparative period of H1 '23. The decrease was partially offset by revenue recognized at the start of production ofsome customers' contracts in H1 '24.
Enterprise revenue increased by 3% to €77 million (H1 '23: €74 million). Traction in the Enterprise businessincreased, with the uptake of TomTom Orbis Maps expanding across both the private and public sectors. Among
contracts with companies such as Qualcomm, Moody's, and Bolt, H1 '24 saw the signing of a contract with theAustralian Government to provide global map data. The contribution from this contract partially explains the yearon-year revenue increase.
Consumer revenue for H1 '24 decreased year-on-year by 14% to €44 million (H1 '23: €51 million).
GROSS RESULTThe gross result for H1 '24 was €241 million, compared with €250 million in the same period last year. The grossmargin in H1 '24 was 83%, 1 percentage point lower compared to the same period last year (H1 '23: 84%). The
decrease in H1 '24 is mainly driven by releases of the non-recurring engineering (NRE) costs at the start ofproduction of some customer contracts.
OPERATING RESULTThe operating result for H1 '24 was a loss of €10 million (H1 '23: loss of €1 million). Operating expenses in H1 '24
was €251 million, equal to the same period last year (H1 '23: €251 million). An increase in people and peoplerelated expenses was offset by a decrease in depreciation and amortization charges.

8/20

FINANCIAL RESULTThe financial result for H1 '24 was an income of €5.3 million (H1 '23: income of €2.3 million).
INCOME TAXESIn H1 '24, the group recorded an income tax expense of €2.3 million, compared with an expense of €2.9 million in
the same period last year.
CASH FLOW
The cash flow from operating activities was an outflow of €12 million, €20 million lower compared with the same
period last year (H1 '23: inflow of €8 million).
The cash flow from investing activities in H1 '24 was €21 million compared with €54 million in H1 '23. The
comparative period, included a higher inflow from maturing fixed-term deposits (H1 '24: inflow of €23 million, H1 '23:
inflow of €43 million) as well as proceeds of €15 million from the divestment of our equity interest in Cyient Ltd.
Investments in property, plant and equipment in H1 '24 decreased compared with the same period last year, as thecomparative year included higher capital expenditures on office refurbishments related to our headquarters.
The cash flow from financing activities in H1 '24 was an outflow of €43 million. Cash flow from financing activities
primarily reflect a €39 million cash-out related to our share buyback program, which was completed in June 2024.
RELATED PARTY TRANSACTIONS
For related party transactions please refer to note 9 of our semi-annual financial statements.
PRINCIPAL RISKS AND UNCERTAINTIES H1 '24
The group risks mentioned in the group risk profile section of TomTom’s 2023 Annual Report are still relevant anddeemed incorporated and repeated in this report by reference.
RESPONSIBILITY STATEMENTWith reference to the statement within the meaning of article 5:25d(2c) of the Financial Supervision Act, theManagement Board hereby declares that, to the best of their knowledge:– the semi-annual financial statements prepared in accordance with IAS 34, “Interim Financial Reporting”, as
endorsed by the EU give a true and fair view of the assets, liabilities, financial position, profit or loss of thecompany and the undertakings included in the consolidation taken as a whole; and– the semi-annual Management Board report gives a fair view of the information required pursuant to section
5:25d(8)/(9) of the Financial Supervision Act.
Amsterdam, July 15, 2024
The Management Board
Harold Goddijn / Chief Executive Officer
Taco Titulaer / Chief Financial Officer
Alain De Taeye / Member

9/20

CONSOLIDATED CONDENSED STATEMENT OF INCOME
Q2 '24
UnauditedQ2 '23
UnauditedH1 '24
UnauditedH1 '23
Unaudited

Revenue

152,179

156,549

291,464

297,267

Cost of sales

31,132

27,28150,08647,307Gross profit

121,047

129,268

241,378

249,960

Research and development expenses - Geographic data

43,90445,79886,922

87,977

Research and development expenses - Application layer

46,27049,41092,17891,871

Sales and marketing expenses

14,905

14,15828,547

27,140(€ in thousands)

1

General and administrative expenses

21,16623,45943,84343,882

Total operating expenses

126,245

132,825

251,490

250,870

Operating result-5,198-3,557-10,112-910

Financial result

2,438

699

5,281

2,299

Result before tax-2,760-2,858-4,831

1,389

448-1,597-2,349-2,870-2,312-4,455-7,180-1,481

-0.02

-0.03

-0.06

-0.01

-0.02

-0.03

-0.06

-0.01

Income tax gain/(expense)2

Net result

Earnings per share (in €):Basic3

Diluted1

Includes a gain of respectively €0.5 million and €2.4 million in Q2 '23 and H1 '23 from the release of the restructuring provision related to theMaps realignment.

2

Fully attributable to the equity holders of the parent.

3

When the net result is a loss, no additional shares from assumed conversion are taken into account as the effect would be anti-dilutive.

10/20

CONSOLIDATED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
Q2 '24Q2 '23

H1 '24

H1 '23

Unaudited

Unaudited

Unaudited

Unaudited-2,312-4,455-7,180-1,481

Actuarial gain on defined benefit plans

0

120

0

120

Fair value remeasurement of financial instruments

0

0

0

995

Currency translation differences

957

663

957

-440

Other comprehensive income for the period

957

783

957

675

Total comprehensive income for the period2-1,355-3,672-6,223-806(€ in thousands)

Net result
Other comprehensive income1
Items that will not be reclassified to profit or loss

Items that may be subsequently reclassified to profit or loss

1

The items of other comprehensive income are presented net of tax (if applicable).

2

Fully attributable to the equity holders of the parent.

11/20

CONSOLIDATED CONDENSED BALANCE SHEET
30 June 2024
Unaudited

31 December 2023
Audited

Goodwill

192,294

192,294

Other intangible assets

11,392

20,275

Property, plant and equipment

22,30824,313

Lease assets

44,31644,624

Other contract-related assets

22,41924,384

Deferred tax assets

1,211

1,206

293,940

307,096

Inventories

11,666

14,823

Trade receivables

73,08969,156

Unbilled receivables

48,322

42,778Other contract-related assets

5,323

10,635Prepayments and other receivables

35,87736,209Fixed-term deposits

204,941

227,662

Cash and cash equivalents

53,18287,532

Total current assets

432,400

488,795

Total assets

726,340

795,891

Total equity

143,086

181,588

Lease liabilities

37,85238,441757

1,040(€ in thousands)

Total non-current assets

Deferred tax liability
Provisions

13,486

14,841

Deferred revenue

298,202

267,059

Total non-current liabilities

350,297

321,381

Trade payables

11,39921,168

Lease liabilities

9,077

8,272

Provisions

7,317

10,879Deferred revenue

138,431

166,171

Other contract-related liabilities

13,494

17,078

Income taxes

2,836

1,594

Accruals and other liabilities

50,40367,760Total current liabilities

232,957

292,922

Total equity and liabilities

726,340

795,891

12/20

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
Q2 '24
UnauditedQ2 '23
UnauditedH1 '24
UnauditedH1 '23
Unaudited-5,198-3,557-10,112-910

568-1,027

1,451

-989

Depreciation and amortization

8,870

11,18017,77523,688Change in provisions-1,513-697-1,884-1,152Equity-settled stock compensation expenses

3,651

3,944

6,437

6,552

0

-134

0

-341

(€ in thousands)

Operating result
Foreign exchange adjustments

Other non-cash movement
Changes in working capital:
Change in inventories

3,563

1,903

4,461

3,027

Change in receivables and prepayments

11,394-9,048-690-12,952

Change in liabilities1 (excluding provisions)-25,884-741-30,511-5,814

Cash flow from operations-4,5491,823-13,073

11,109Interest received

2,617

2,447

5,494

3,871

Interest paid

-470

-442

-954

-757

Corporate income taxes paid

-1,158-3,620-3,592-6,207

Cash flow from operating activities-3,560208-12,125

8,016

Investments in property, plant and equipment
Proceeds from sale of investments-1,1230-2,8680-1,9740-4,23914,965

Change in fixed-term deposits

19,283104,008

22,72043,255

Cash flow from investing activities

18,160101,140

20,74653,981

Payment of lease liabilities-2,053-3,113-4,165-6,569Proceeds on issue of ordinary shares
Purchase of treasury shares

0-18,892368
0

0-38,812368
0Cash flow from financing activities-20,945-2,745-42,977-6,201

Net (decrease)/increase in cash and cash equivalents-6,34598,603-34,356

55,796

Cash and cash equivalents at the beginning of period

59,63289,49787,532

132,729

Exchange rate changes on foreign cash balances

-105

214

6

-211

Total cash and cash equivalents at the end of the period

53,182

188,31453,182

188,314

Cash held in short-term fixed deposits

204,941

127,745

204,941

127,745

Net cash at the end of the period

258,123

316,059

258,123

316,059

1

Includes movements in the non-current portion of deferred revenue presented under non-current liabilities.

13/20

Consolidated condensed statement of changes in equity
Total
shareholders’equityShare capital

Share premium

Treasury shares

Other reserves1

Retainedearnings

26,473

338,124-30,482

72,817-207,326

199,606

0

0

0

0

-1,481-1,481Other comprehensive income2
Currency translation differences2
Actuarial gain on defined benefit plan2
Fair value remeasurement of financial instruments
Total other comprehensive income

0
0
0
0

0
0
0
0

0
0
0
0

-440
0
995
555

0
120
0
120

-440
120
995
675

Total comprehensive income

0

0

0

555

-1,361-806

Transactions with owners
Stock compensation expenses
Reclassification from liability to stock compensation reserve
Reissuance of shares

0
0
0

0
0
0

0
0
368

6,552
2,294
0

0
0
0

6,552
2,294
368

0
26,4730338,124

5,927-24,187-20,469
61,74914,542-194,1450
208,01426,473

338,124-34,11056,745-205,644

181,588

0

0

0

0

-7,180-7,180

Other comprehensive income
Currency translation differences2
Total other comprehensive income

0
0

0
0

0
0

957
957

0
0

957
957

Total comprehensive income

0

0

0

957

-7,180-6,223

Transactions with owners
Stock compensation expenses
Repurchase of shares

0
0

0
0

0
-38,716

6,437
0

0
0

6,437
-38,716

Other movements
Transfers between reserves
Balance as at 30 June 2024

026,4730338,124

8,377-64,449-17,069
47,0708,692-204,1320
143,086(€ in thousands)

Balance as at 1 January 2023
Comprehensive income
Result for the period

Other movements
Transfers between reserves
Balance as at 30 June 2023
Balance as at 1 January 2024
Comprehensive income
Result for the period
2

1

Other reserves include the Legal reserve, the Stock compensation reserve, and the Revaluation reserve.

2

The items of other comprehensive income are presented net of tax (if applicable).

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NOTES TO THE CONSOLIDATED CONDENSED SEMI-ANNUAL FINANCIAL STATEMENTS
1. GENERAL
TomTom N.V. (‘the company’) has its statutory seat and headquarters in Amsterdam, the Netherlands. The
consolidated semi-annual financial statements comprise the financial information of the company and its
subsidiaries (together referred to as ‘the group’) and have been prepared by the Management Board and authorized
for issue on 15 July 2024.
The consolidated semi-annual financial statements have neither been reviewed nor audited.
2. BASIS OF PREPARATION AND ACCOUNTING POLICIESThe principal accounting policies and methods of computation applied in these consolidated semi-annual financial
statements are consistent with those applied in the annual financial statements for the year ended 31 December
2023. These policies have been consistently applied to all the periods presented, unless stated otherwise.
Basis of preparation
The consolidated semi-annual financial statements for the six-months ended 30 June 2024 have been prepared inaccordance with IAS 34 ‘Interim Financial Reporting’ as endorsed by the European Union (EU). As permitted by IAS
34, the consolidated semi-annual financial statements do not include all of the information required for full annual
financial statements and the notes to these consolidated semi-annual financial statements are presented in acondensed format. Accordingly, the condensed consolidated semi-annual financial statements should be read in
conjunction with the annual financial statements for the year ended 31 December 2023, which have been preparedin accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting
Interpretations Committee (IFRIC) interpretations as adopted by the EU. The presentation currency of the group is
the Euro (€).
New accounting standards and interpretations
To the extent relevant, all other IFRS standards and interpretations including amendments that were in issue andeffective from 1 January 2024, have been adopted by the group from 1 January 2024. These standards andinterpretations had no material impact for the group.
All IFRS standards and interpretations that were in issue but not yet effective for reporting periods beginning on
1 January 2024 have not yet been adopted.
Use of estimates
The preparation of these semi-annual financial statements requires management to make certain assumptions,estimates and judgments that affect the reported amounts of assets, liabilities and disclosure of contingent assets
and liabilities as of the date of the semi-annual financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results may differ from those estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revisionaffects only that period or in the period of revision and the future periods if the revision affects both current andfuture periods. For areas involving a higher degree of judgment or areas where assumptions and estimates are
significant to the (semi-annual) financial statements, reference is made to note 3 of the Consolidated financial
statements in the 2023 Annual Report.

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3. SEGMENT REPORTING
The operating segments are identified and reported on the basis of internal reports about the segments of theGroup (Location Technology and Consumer) that are regularly reviewed by the Management Board to assess theperformance of the segments.
Management assesses the performance of segments based on the measures of revenue and operating result(EBIT), whereby EBIT includes allocations of expenses from supporting functions within the group. Such allocations
have been determined based on relevant measures that reflect the level of benefits of these functions to each of theoperating segments. The effects of non-recurring items such as restructuring are excluded from management's
measurement basis. Interest income and expenses and tax are not allocated to the segments.
There is no measure of segment (non-current) assets and/or liabilities provided to the Management Board.
H1 '24
UnauditedH1 '23
Unaudited

Revenue

291.5

297.3

Location Technology

251.9

250.7

247.3

246.2

4.5

4.5

Consumer

44.1

51.0

Eliminations

-4.5

-4.5

Revenue by nature

291.5

297.3

License revenue

162.7

163.4

Service revenue

97.6

97.1

Sale of goods revenue

31.1

36.8

Revenue by timing of revenue recognition

291.5

297.3

(€ in millions)

External customers
Inter-segment

Goods and services transferred at a point in time

49.6

50.3

Goods and services transferred over time

241.8

247.0

EBIT

-7.1

0.8

Location Technology

-12.6

-2.6

Consumer

5.5

3.4

EBITDA

10.6

24.1

Location Technology

4.8

20.3

Consumer

5.8

3.8

A reconciliation of the segments’ performance measure (EBIT) to the group’s result before tax is presented below.
H1 '24
UnauditedH1 '23
Unaudited

-7.1

0.8

Unallocated expenses

-3.0

-1.7

Financial income

5.3

2.3

Result before tax

-4.8

1.4

(in € millions)

Total segment EBIT
1

1

Unallocated expenses in H1 '23 include a gain of €2.4 million from the release of restructuring provision from Maps realignment.

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4. EARNINGS PER SHARE
The calculation of basic and diluted earnings per share is based on the following:
H1 '24
UnauditedH1 '23
Unaudited

Earnings (€ in thousands)
Net result attributable to equity holders of the parent-7,180-1,481

Number of shares (in thousands)
Weighted average number of ordinary shares for basic EPS

125,139

128,731

Effect of dilutive potential ordinary shares (in thousands)
Share options and restricted stock units
Weighted average number of ordinary shares for diluted EPS

3,317
128,456

2,937
131,668

5. GOODWILL
The group performs its goodwill impairment test at least annually in December and when circumstances indicate thecarrying value may be impaired. The methodology, key assumptions used to determine the recoverable amount forthe different operating segments, as well as the amount of goodwill, were disclosed in the annual consolidated
financial statements for the year ended 31 December 2023.
There were no triggering events for an impairment test in H1 '24 and no impairment charge was recorded in H1 '24
or H1 '23.
6. SHAREHOLDER'S EQUITY
The authorized and issued share capital is as follows:
30 Jun 2024
Unaudited
Number30 Jun 2024
Unaudited€ in thousands

31 Dec 2023
AuditedNumber

31 Dec 2023
Audited€ in thousands

Authorized:
Ordinary shares
Preferred shares
Total authorized

300,000,000
150,000,000
450,000,000

60,00030,00090,000300,000,000
150,000,000
450,000,000

60,00030,00090,000Issued and fully paid:
Ordinary shares
Of which held in Treasury

132,366,672
9,606,913

26,473132,366,672
4,717,362

26,473All shares have a par value of €0.20 per share. In H1 '24, the group purchased 5.9 million shares as part of sharebuyback program initiated in October 2023. As part of the program, a total of 7.8 million shares were repurchased at
an average price of €6.39, for a total consideration of €50 million.
In line with the aim of the program, the group intend to cancel 7.4 million of shares in August 2024. The remaining
shares purchased as part of the buyback program will be used to cover commitments arising from long-term
employee incentive plans.
In H1 '24, 1.1 million treasury shares were issued to cover vested restricted stock units ('RSU'). No share options
were exercised by employees during H1 '24 (H1 '23: 0.8 million treasury shares issued for 0.8 million vested RSU's
and the exercise of 49 thousand share options).
7. PROVISIONSAt the end of December 2023, the group had an outstanding restructuring position of €8.0 million, of which €3.3
million was presented under 'Other provision' and €4.7 million under 'Personnel-related accruals'. At the end of June
2024, a remaining amount of €0.5 million was presented under 'Other provision' and €1.8 million under 'Personnelrelated accruals'.

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8. STOCK COMPENSATION
Stock compensation expenses amounted to €6.6 million in H1 '24, compared with an expense of €6.8 million in thesame period last year.
During H1 '24, the group granted 1.7 million restricted stock units (RSUs) and 1.0 million performance stock units(PSUs) of which 0.6 million PSUs were issued to Management Board members.
The PSUs are assessed against performance criteria that can be both financial and non-financial.
Both the RSU and PSU plans are accounted for as equity-settled, whereby costs are allocated over the vesting
period. For further information on our stock compensation, reference is made to note 9 of our 2023 Annual Report.
9. RELATED PARTY TRANSACTIONS
Refer to note 8 for details of stock compensation granted to the members of the Management Board during H1 '24.
10. SEASONALITY
In recent years, revenue for both Location Technology and Consumer was not materially impacted by seasonality.
11. COMMITMENTS AND CONTINGENT LIABILITIESThere were no material changes to the group’s commitments and contingent liabilities in the first half of 2024 fromthose disclosed in note 31 of our 2023 Annual Report.
12. FAIR VALUE AND FAIR VALUE ESTIMATION
The fair values of our monetary assets and liabilities as at 30 June 2024 are estimated to approximate their carrying
value. There have been no changes in techniques for fair value estimation nor the hierarchy of the inputs used tomeasure financial assets and liabilities carried at fair value through profit or loss compared with the methods andhierarchy disclosed in our 2023 Annual Report.
13. SUBSEQUENT EVENTS
There has been no subsequent event from 30 June 2024 to the date of issue that affects the consolidated semiannual financial statements.
- END -

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ACCOUNTING POLICIESThe condensed consolidated financial information for the three- and six- month period ended 30 June 2024 and therelated comparative information has been prepared using accounting policies and methods of computation which
are based on International Financial Reporting Standards (IFRS) as disclosed in the Financial Statements for theyear ended 31 December 2023.
Unless otherwise indicated, the quarterly condensed consolidated information in this press release is neither
audited nor reviewed. Due to rounding, amounts may not add up precisely to totals. All change percentages arecalculated before rounding.
NON-GAAP MEASURESThe financial information in this report includes measures which are not defined by generally accepted accounting
principles (GAAP) such as IFRS. We believe this information, along with comparable GAAP measurements, gives
insight to investors as it provides a basis for evaluating our operational performance. Non-GAAP financial measures
should not be considered in isolation from, or as a substitute for, financial information presented in compliance with
GAAP. Wherever appropriate and practical, we provide reconciliations to relevant GAAP measures.
Operational revenue is IFRS revenue adjusted for the movement of gross deferred revenue
Gross margin is calculated as gross profit divided by IFRS revenue
EBIT is equal to our operating result
EBIT margin is calculated as operating result divided by IFRS revenue
EBITDA is equal to our operating result plus depreciation and amortization charges
EBITDA margin is calculated as operating result plus depreciation and amortization charges divided by IFRS
revenue
Free cash flow is cash from operating activities minus investments in intangible assets and property, plant andequipment(€ in thousands)

Q2 '24Q2 '23

H1 '24

H1 '23

Cash flow from operating activities-3,560208-12,125

8,016

0

0

0

0

Investments in property, plant and equipment-1,123-2,868-1,974-4,239

Free cash flow

-4,683-2,660-14,099

3,777

0

5,792

0

9,835

-4,683

3,132-14,099

13,612

Investments in intangible assets

1

Restructuring-related cash flow

Free cash flow excl. restructuring1

Net cash is cash and cash equivalents, plus cash held in fixed term deposits
Gross deferred revenue is deferred revenue2 before the netting of unbilled receivables
1

Restructuring-related cash flows are related to the Maps realignment announced in June 2022.

2

Deferred revenue reflects amounts not yet recognized as revenue as services still need to be delivered. Unbilled revenue represents amounts
accrued for when a contractual right to invoice exists. When a single contract has both an accrual, based on contractual invoicing terms, anda deferral, because the underlying services are not yet fully delivered, the unbilled and the deferred positions are netted for presentation on
the balance sheet.

19/20

FOR MORE INFORMATION
TomTom Investor Relations
Email: ir@tomtom.com
Phone: +31 20 757 5194
AUDIO WEBCAST SECOND QUARTER 2024 RESULTS
The information for our audio webcast is as follows:
Date and time: July 15, 2024 at 13:00 CEST
https://corporate.tomtom.com/investors/financial-publications/quarterly-results
TomTom is listed at NYSE Euronext Amsterdam in the Netherlands
ISIN: NL0013332471 / Symbol: TOM2ABOUT TOMTOM
Billions of data points. Millions of sources. Thousands of communities.
We are the mapmaker bringing it all together to build the world’s smartest map. We provide location data andtechnology to drivers, carmakers, businesses and developers. Our application-ready maps, routing, real-time traffic,
APIs and SDKs empower the dreamers and doers to move our world forward.
Headquartered in Amsterdam with 3,700 employees around the globe, TomTom has been shaping the future ofmobility for over 30 years.
For further information, please visit www.tomtom.com.
FORWARD-LOOKING STATEMENTS / IMPORTANT NOTICEThis document contains certain forward-looking statements with respect to the financial position and results of TomTom’s
activities. We have based these forward-looking statements on our current expectations and projections about future events,
including numerous assumptions regarding our present and future business strategies, operations and the environment in which
we will operate in the future. These forward-looking statements are subject to risks and uncertainties that could cause actual
results to differ materially from those expressed in the forward-looking statements, and you should not place undue reliance onthem. Many of these risks and uncertainties relate to factors that are beyond TomTom’s ability to control or estimate precisely,
such as levels of customer spending in major economies, changes in consumer preferences, the performance of the financial
markets, the levels of marketing and promotional expenditures by TomTom and its competitors, costs of raw materials,
employee costs, exchange-rate and interest-rate fluctuations, changes in tax rates, changes in law, acquisitions or disposals, therate of technological changes, political developments in countries where the company operates and the risk of a downturn in themarket. Statements regarding market share, including the company’s competitive position, contained in this document are basedon outside sources such as specialized research institutes, industry and dealer panels in combination with management
estimates.
The forward-looking statements contained herein speak only as of the date they are made. We do not assume any obligation to
update any public information or forward-looking statement in this document to reflect events or circumstances after the date ofthis document, except as may be required by applicable laws.
This document contains inside information as meant in clause 7 of the Market Abuse Regulation.

20/20