Disclosure according to sec. 85 German Securities Trading Act and Art. 20 MAR for company Nagarro SE:

Warburg Research GmbH, Münchmeyer Petersen Capital Markets GmbH (MPCM), M.M.Warburg & CO (AG & Co.) KGaA or an affiliated company according to Section 271 (2) of the German Commercial Code (HGB) manage financial instruments, which are, or the issuers of which are, subject of the research recommendation, in a market based on the provision of buy or sell contracts.

Warburg Research GmbH, Münchmeyer Petersen Capital Markets GmbH (MPCM), M.M.Warburg & CO (AG & Co.) KGaA or an affiliated company according to Section 271 (2) of the German Commercial Code (HGB) had reached an agreement on the compilation of the research recommendation with the analysed company.

Markings in the chart show rating changes by Warburg Research GmbH in the last 12 months. Every marking details the date and closing price on the day of the rating change.

Date	Recommendation	Target Price	Close Price	Analyst
17.11.2025	Buy	95.00 EUR	58.35 EUR	Fabio Hölscher
28.05.2025	Buy	90.00 EUR	59.80 EUR	Andreas Wolf