IR Presentation Q2/H1 2017

Q2/H1 2017

IR Presentation

At a glance

Thomas Ebeling

Double-digit revenue growth in H1 2017

Revenues

Adjusted EBITDA

Adjusted net income

1,872 +11%

458 233

+8%

+9%

We are on track to reach our 2018 targets …

1,926 1,998 2,063 2,152 2,210 2,207 2,301

335 484 611 371 465 442 768 442 923 563

1,172

95 124 202

262

362 389

470

2012 2013 2014 2015 2016 Q2 2017 2018

2,356 2,605 2,876 3,261

3,799

75%

64%

77%

78%

Broadcasting German-speaking Digital Entertainment (since 2015)

Digital Ventures & Commerce (since 2015) Content Production & Global Sales

Digital & Adjacent (until 2014)

Degree of achievement

3,983

(required pro-rata

76%

target: 75%)

Target 2018:

EUR 4,506m

Latest portfolio measures

not yet reflected in 2018 CMD targets

Ext. segment and Group revenues

[in EUR m; FY 2012-Q2 2017 (LTM); 2018 target]

… and already generate 50% of revenues outside TV advertising

Q2 2017 LTM 3,983

2012 2,356

External revenues [in EUR m]

Non-TV advertising CAGR: +33%

TV advertising CAGR: +2%

CMD target achieved:

of Group revenues generated 50%

outside of traditional TV advertising business 50%

50%

23%

77%

We have built a portfolio of leading businesses in our new segments

Broadcasting

German-speaking Content Production

& Global Sales Digital Entertainment Digital Ventures & Commerce

55% 9% 11% 24%

Free TV #1 #1

AdVoD premium video sales

house

Top 3

Global multi- channel network

(MCN)

#1 #1

#2

#2 Top 10

Global independent production group

Share of Group

We are the leading TV Group in Germany

28.7 29.0 27.1 25.1

Q2 2017

-0.3%

pts +2.0%

pts

2010

We established an international content production powerhouse

19 production companies in 7 countries

of total CP&GS 73%

revenues coming

from US

We built a leading global multi-channel network

Top3

global MCN

video views 7bn

per month

1,200

global

creators

Demand side

platform Exchange/

marketplace Supply side

platform Ad server Sales house Publisher

Ad ve rtis er/ age ncy

+ mandates

Data management platform

We created a leading proprietary AdTech stack in 24 months

We built a portfolio of leading digital commerce assets in four years

Double-digit

revenue growth Single-digit

revenue growth

Double-digit

revenue growth

Double-digit

revenue growth Double-digit

revenue growth

#2 #1 #1 #2 #1

We established powerful national and international partnerships

European Media Alliance cooperations

Programmatic

Sales House (EBX) Joint online

video platform Studio71

co-investment Thematic

TV windows

US entertainment

cooperations German data

cooperation

Log-in partner alliance

First partner

We continued our portfolio transformation in H1 2017

Exit of selected SevenVentures Media-for-Equity (M4E) investments ²⁾

Bolt-on acquisition of Jochen Schweizer to create leading experience platform ³⁾

Sale of etraveli after more than doubling its enterprise value (EV) ¹⁾

Financials

Dr. Jan Kemper

Q2 2017: strong financial performance driven by non-TV advertising businesses

[in EUR m; growth in %]

Consolidated revenues

[in EUR m; growth in %]

Adjusted EBITDA

[in EUR m; growth in %]

Financial result

[in EUR m; growth in %]

Adjusted net income

Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017 Q2 2016 Q2 2017

Adjusted EBITDA margin: 28%

254 270

886 962

133 144

-10 -26

+9% +6% >+100% +9%

H1 2017: first half also with strong financial performance

[in EUR m; growth in %]

Consolidated revenues

[in EUR m; growth in %]

Adjusted EBITDA

[in EUR m; growth in %]

Financial result

+11%

[in EUR m; growth in %]

Adjusted net income

+8% +9%

424 458

1,688 1,872 +10%

-34 -37

H1 2016 H1 2017 H1 2016 H1 2017 H1 2016 H1 2017 H1 2016 H1 2017

213 233

Adjusted EBITDA margin: 24%

Broadcasting German-speaking: solid results despite muted TV ad market environment

2017 Q2 Q2

2016 YoY H1

2017 H1

2016 YoY Comments

Total revenues 562 564 -0% 1,102 1,079 +2% TV ad revenues down in Q2 owing to TV ad market decline and lower share of advertising, partly due to ad campaign deferrals into H2 and Parship internalization. Continued dynamic revenue increase of distribution business based on ongoing HD subscriber growth.

Ext. revenues 529 541 -2% 1,031 1,034 -0%

TV advertising 474 497 -4% 928 950 -2%

Distribution 35 31 +14% 68 60 +13%

Adj. EBITDA 208 201 +4% 345 332 +4%

Positive adjusted EBITDA development due to efficient cost management, growing distribution business as well as increased internal revenues.

Revenues and adjusted EBITDA (entity)

[in EUR m]

Digital Entertainment: AdVoD business continues to grow dynamically

2017 Q2 Q2

2016 YoY H1

2017 H1

2016 YoY Comments

Total revenues 114 116 -2% 217 215 +1%

Dynamic revenue growth of our multi- channel network Studio71 and our AdTech business. Overall segment revenue development negatively affected by ongoing challenges in the music and live entertainment business as well as deconsolidation of Games.

Ext. revenues 108 110 -2% 205 205 -0%

AdVoD 81 70 +15% 151 128 +18%

PayVoD 21 20 +3% 42 40 +6%

Adjacent 6 9 -34% 12 18 -33%

Adj. EBITDA 7 16 -54% 5 15 -66% Segment profitability reflects decline of Adjacent business and mix effects.

organic +10%

growth H1 YoY

Revenues and adjusted EBITDA (entity)

[in EUR m]

Digital Ventures & Commerce: strong revenue and adjusted EBITDA growth – Commerce strategy pays off

2017 Q2 Q2

2016 YoY H1

2017 H1

2016 YoY Comments

Total revenues 229 158 +45% 459 313 +47% Solid revenue growth of Online Price Comparison, Travel and Ventures businesses. Lifestyle Commerce vertical benefited from dynamic revenue growth of Flaconi and Amorelie. Positive consolidation effects from Parship Elite, Windstar and Stylight. SevenVentures returned to mid single-digit revenue growth.

Ext. revenues 227 152 +50% 457 302 +52%

Online Dating 30 n/a n/a 61 n/a n/a

Online Price Comp. 23 21 +9% 55 51 +9%

Online Travel 84 78 +8% 154 141 +9%

Lifestyle Commerce 60 24 > 100 % 122 48 > 100 %

SevenVentures 31 29 +6% 64 62 +3%

Adj. EBITDA 45 29 +58% 92 66 +40% Dynamic revenue growth translated into stronger double-digit adjusted EBITDA growth.

organic +14%

growth H1 YoY

Revenues and adjusted EBITDA (entity)

[in EUR m]

Content Production & Global Sales: US and UK businesses keep on enabling double-digit segment revenue growth

Revenues and adjusted EBITDA (entity) [in EUR m]

2017 Q2 Q2

2016 YoY H1

2017 H1

2016 YoY Comments

Total revenues 107 97 +11% 207 173 +20% Continued dynamic segment revenue growth driven by production business in the US and UK. Organic growth as well as consolidation of 44 Blue Studios contributed to Red Arrow’s revenue growth.

Ext. revenues 89 77 +15% 168 141 +19%

Adj. EBITDA 12 11 +10% 21 15 +34% Profitability well ahead of our 10%

adj. EBITDA margin target.

We confirm our 2017 financial outlook

Financial leverage ^1.5x-2.5x

Adjusted EBITDA above prior year

Adjusted net income above prior year

Group revenue growth at least high single-digit increase (%)

Dividend pay-out ratio ^{80-90% 1)}

Q2 2017 focus topics

Thomas Ebeling

Focus topics for today

5 1

3 Distribution update

AdTech and data initiatives

4 Advertising market

Portfolio management and M&A TV performance

2

We pursue an active portfolio management strategy

Where we divest Where we invest

High TV responsiveness Significant synergies

Asset-light business model High omnichannel potential

Local hero potential

Not best owner anymore

Significant value creation opportunity

Jochen Schweizer

Online Travel strategic review etraveli sale

SevenVentures M4E portfolio exit ParshipElite Group

WindStar Medical

Rationale and highlights

We are creating a leading online experience platform

Positive market dynamics with high single-digit growth expectations going forward

Complementary product portfolio and brand positioning

Majority acquisition at EV of EUR 108m

with attractive valuation of ~11x EV/EBITDA 2016

Cost savings and synergy potentials Strong digital capabilities

and omni-channel distribution network

+

Leading in emotional experiences

Leading in

adrenalin

experiences

We more than doubled the enterprise value of etraveli since acquisition

etraveli enterprise value development since acquisition

508

235

+116%

~2.2x

[in EUR m]

November 2015 June 2017

Sold to financial investor CVC in June 2017 at more than doubled EV

Combined purchasing power of our Travel vertical with suppliers leading to significant profitability increase

Acquired in November 2015 and significantly increased revenues while expanding

to now 50 countries (e.g., USA, China, India)

Large part of M4E portfolio sold to leading US private equity fund Lexington Partners for mid double-digit million Euro amount

Lexington acquired majority stake in new fund

“Crosslantic Capital” with us as strategic partner with approximately 25% stake

IRR of around 30%, doubling our overall media and cash investments

We successfully sold parts of our SevenVentures M4E portfolio

Value creation potential in Digital Commerce verticals

~2x

Consensus valuation

of DV&C segment (2017E) DV&C peer group valuation

(2017E)

Online Price Comparison Online Dating

moneysupermarket EV/Sales 5x

EV/EBITDA 14x match.com

EV/Sales 4x EV/EBITDA 12x

~12x

LTM pro-forma

revenues

EUR 126m

EUR 120m

Peer multiples

vs. P7S1

segment multiple

Focus topics for today

5 1

3 Distribution update

AdTech and data initiatives

4 Advertising market

Portfolio management and M&A TV performance

2

TV consumption reflects aging of core target groups

Target group A 14-49 Daily TV consumption

173 164

Q2 2017 12

Q2 2016

190 181

13 4 5

Target group A 14-69

-5%

TV classic TV alternative

TV catch-up

222 219

9

Q2 2016

3

Q2 2017 235 232

9 3

-1%

Target group A 14-29

-5%

121 110

7

Q2 2017 7 144

16 137

19

Q2 2016

German population share

: 18%

[Ø daily TV viewing in minutes, rolling last 4 quarters]³⁾

German population share

: 44% German population share

: 72%

[Ø daily TV viewing in minutes, rolling last 4 quarters]³⁾ [Ø daily TV viewing in minutes, rolling last 4 quarters]³⁾

TV net reach

: ~6m TV net reach

: ~20m TV net reach

: ~37m

Increasing relevance of target group 50+ for advertisers

Growing share of total population ¹⁾

44% 628

EUR

High available income per month ²⁾

[Germany; 2015; 50+ years] Available income after fix costs such as rent and groceries [Germany; 2016; 65-85 years]

+4%pts

until 2030 +20%

vs. 2012

Effectiveness of TV advertising for brand awareness building and advertising recall in target group 50+ comparable to target group 14-49 ⁴⁾

349 minutes

+160min

vs. 14-49

Daily TV consumption

[Germany; Q1 2017; 50+ years]

High daily

TV usage ³⁾

TV continues to dominate video viewing despite high PayVoD penetration

Broadest user universe (A 14-49) Video consumption (A 14-49)

190 190 190 188 186 181

93 91 90 90 93 94

81

73 72 71

80 78

73

75 74 76

87 83

29 29 31 33

40 44

[Ø daily TV viewing in minutes, rolling last 4 quarters]

[in %; usage at least rarely or more often]

17 11 6 TV (incl. catch-up)

DVD/Blu-ray Free online video (excl. catch-up) PayVoD

44% PayVoD penetration only

translates to

~5% share of daily TV consumption

stable despite increasing broadest user universe of other

video services

We maintain the leading position in the German TV market

[Q2 2017; in %]

[Q2 2017; in %]

27.1 25.1

40.9 35.0

Audience share (A 14-49) Share of advertising (SoA)

+2.0% ∆

pts

+5.9% ∆

pts

Audience share core channels (A 14-49) Audience share small channels (A 14-49)

[Q1 2012-Q2 2017; in %]

[Q1 2012-Q2 2017; in %]

P7S1 leading in larger channel group and RTL in small channel group

0 5 10 15 20 25 30

2 1 4 2 3 4 2 3 4 1 2 3 4

3 1 1

4 3 1 2 2

Q 1

2012 2013 2014 2015 2016 2017

0 1 2 3 4 5 6

3 2 3 4

1 2 1 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 Q

2012 2013 2014 2015 2016 2017 Launch of

RTL plus

US content still delivers strong ratings

Leading US movies and TV series are a strong differentiator for P7S1 against both local competitors and Netflix (only 10% content overlap)

Holdbacks against SVoD usually 9-12 months after FTA availability

Selected US series have recently

performed below expectations, indicating potential for grid optimization

US content breakdown (H1 2017)

Ø market share A 14-49

Movies

Sitcoms

Returning US series US series New

% of total license

content invest

No. of studios

8.9% 6 majors

>50 indies 5 majors 6 majors 7 indies 5 majors 10.9%

9.2%

8.9%

∑ 100% 9.6%

We successfully established new US highlights in the German TV market

Lethal Weapon

Ø 9.9%

(+1.5%pts vs. YTD channel-Ø)

Up to

11.2%

MacGyver

Ø 10.4%

(+2.0%pts vs. YTD channel-Ø)

Up to

12.8%

© 2016 Warner Brothers © 2016 CBS Broadcasting, Inc. All Rights Reserved

In line with previous years, H2 with exceedingly strong line up ahead

Commissioned Licensed Branded windows

Schlag den Henssler (Q3 2017) House Rules

(H2 2017) The Martian

(Q3 2017) Honig im Kopf (H2 2017)

© Warner Bros.

The Voice of Germany

(Q4 2017) Duell um die Welt

(H2 2017) The Great Bake Off

(Q4 2017) Profiling Paris

(H2 2017) Navy CIS

(Q3 2017)

Up to 17.4%

Up to

23.3% Up to

14.5%

Up to 15.5%

Fo od & Drinks Ho me & Ga rde n Do it yours elf

Tra vel

Up to 13.5%

Scripps Networks Examples

Get the F*ck out of my House (H2 2017)

© 2015, 20th Century Fox Film Co., TSG Entertainment Finance LLC. All rights reserved

Ratings Red Arrow formats [H1 2017; A 14-49]

Red Arrow share of BCGS’s commissioned content spending [Q2 2017 LTM; in %]

Red Arrow ratings outperforming slot averages

Red Arrow’s share of our grid is growing and ratings are outperforming

Push our “own your grid” strategy

+6% pts

Q2 2017 LTM 16%

Q2 2016 LTM 10%

111 Verrückte Viecher February 2017 Kiss Bang Love

February-March 2017

Knallerkerle April-May 2017

Hochzeit auf den ersten Blick:

Tatsächlich Liebe?!

April 2017

Up to 10.3%

Up to 15.4%

Up to

19.0% Up to

11.2%

Red Arrow successfully improved its KPIs

Shows in the catalogue

Number of international sales clients

930+ vs.

870+ in H1 2016

340+ vs.

240+ in H1 2016 Number of

productions

Number of

returning shows

Returning shows’ rate

150+ vs.

130+ in H1 2016

60% vs.

65% in H1 2016

380+ vs.

330+ in H1 2016

Number of hours produced

1,460+

1,200+ in H1 2016 vs.

of total CP&GS 73%

revenues coming from US

of total CP&GS 10%

revenues coming from OTT

players

Focus topics for today

5 1

3 Distribution update

AdTech & Data initiatives

4 Advertising market

Portfolio management & M&A TV performance

2

7.6m HD subscribers in Q2 2017: well on track to reach 2018 target

HD FTA subscriber development [in m]

1.6

9.2 6.7 7.6

4.9 5.7 3.7

1.8

Q2 2015 CMD

target 2018 Q2 2016

Q2 2014 Q2 2013

Q2 2012 Q2 2017

+0.9m

Q2 2016 vs.

+13%

4.5% 9.3% 12.4% 14.4% 16.9% 19.2% 23.2%

penetration HD

Successful roll-out of HD distribution on new DVB-T2 platform continued

Abandonment of DVB-T service

on March 29, 2017 Successful roll-out of new DVB-T2, freenet management announced ~500k subscribers

~1.8m

households affected from

DVB-T abandon-

ment

~1.8m ¹⁾ households affected

from abandonment freenet management announced increase to

~800k paying subscribers until end of 2017 ³⁾

~500k

subscribers

in trial period

Focus topics for today

5 1

3 Distribution update

AdTech and data initiatives

4 Advertising market

Portfolio management and M&A TV performance

2

H1 2017 net TV ad market below PY, but positive expectations for H2

In our view, deviation of TV advertising revenues from underlying macro environment is non-structural and only temporary due to campaign shifts into H2 2017

2

P7S1 German-speaking TV advertising revenues in H1 2017 below TV advertising market due to seasonal share of advertising shifts by agencies and Parship internalization

3

Back-loaded growth in H2 2017 expected – September to December 2017 decisive for full year net TV advertising market growth

4

Current commitment levels are supporting back-loaded seasonality and low single-digit full-year TV ad market growth

5

Total net advertising market decreased slightly in H1 2017 mainly driven by Print – net TV advertising market also negative

1

[estimate, in EUR bn] [estimate, in EUR bn]

Declining total ad market and TV ad market in H1 2017

Net ad market in H1 2017 ¹⁾

H1 2017 9.4

H1 2017 2.1

Total net ad market Net TV ad market

Reasons for declining TV ad market

Restrained marketing spending of advertisers

due to political uncertainties (e.g., Brexit and elections)

Decline reflects strong comparable figures in H1 2016 Declining total net advertising market in H1 2017 – even including Google and Facebook,

with print as a main driver

Development further affected by Parship internalization

[absolute in EUR bn, growth in %]

Negative H1 is outlier in very strong long-term trend

Estimated German net TV ad market Comments

Cyclical shifts to H2 2017

(e.g., BMW, GM and Unilever) and individual regulatory advertiser effect (BAT)

Cosmetics and beverages down in H1 2017 after very strong performance in 2016

Reduced advertising spending due to consolidations in Telecommunications sector (e.g., Teléfonica/E-Plus)

Motor vehicles down in Q2 2017 ahead of IAA motor show in Q3 and after very strong Q2 2016

0.0 0.5 1.0 1.5

Q1 Q2 Q3 Q4

2010 2011 2012 2013 2014 2015 2016 2017

Slower growth of private consumption in Germany since mid 2016

Fewer products advertised in total ad

market, similar impact within TV ad market

6 of top 10 industries increased TV budget, 7 of 10 increased TV ad share

Gross TV ad spendings of top 10 TV industries, Germany

H1 2016 vs. H1 2015

in EUR m H1 2017 vs. H1 2016 in EUR m Δ Share Δ TV in media mix

in EUR m

6.974 100.0%

Finance Beverages

Detergents Pharmacy Food Business Services Cosmetics & Toiletries

Telecommunication Motor Vehicles Trade & Shipment

Total ⁵⁹⁴

-19 58

155 152 75

46 30 -28

-46

37

107 68 34 -47

-2 15

60 -3

-38 17

19

1.002 899 804 783 451 446 364 362 250 229

14.4%

12.9%

11.5%

11.2%

6.5%

6.4%

5.2%

5.2%

3.6%

3.3%

+7.3%

+4.0%

-5.5%

-0.3%

+3.4%

-0.8%

-9.6%

+7.1%

+15.4%

+8.9%

+1.6%

+3.1%pts +0.8%pts -0.3%pts +3.1%pts +0.8%pts +0.7%pts -2.2%pts +3.3%pts -2.4%pts

+3.8%pts

+0.1%pts

Back-loaded market development expected in H2 2017

Market growth rate estimate 2017 [in %]

Market growth rate estimate 2016 [in %]

FY 2017 TV ad market outlook maintained at +1.5%

to +2.5%, with lower end of range perceived more likely

Industries with strong performance in July

e.g., motor & vehicles, beverages, home and garden FY 2017 outlook further underpinned

by positive advertiser commitments

Agencies also with confidence in H2 upside

H2 growth backed by all industry analysts estimates Decrease of political uncertainty after French election and further improving macros

Estimated 2017 German net TV ad market growth Comments

Q1 Q2 H1 H2

growth Ø

growth Ø growth Ø

growth Ø

All German net TV ad market estimates for 2017 positive

internal market estimate P7S1

+1.5%

+2.1%

+2.9% +1.5% to +2.5%

Increased from

previously 1.0%

Sales outlook 2017

German net TV ad market growth of +1.5% to +2.5%, with lower end of range perceived more likely

1

P7S1 TV ad revenue growth relative to overall TV ad market subject to share catch-up effects in decisive months September to December

2

P7S1 performance expected to be in line with main competitor

3

Continued increase of TV share in gross media mix, net share expected stable

4

Scaling of addressable TV as top priority

5

Key drivers for future TV ad market growth until 2020

Shift to performance-oriented advertising -100

~135 ¹⁾ Addressable TV (incl. entry in performance market)

Overall TV advertising growth potential

-280

~110

~340

~160

~170 National print cannibalization

TV/mobile offer for freesheet market New ad segments (e.g., POS)

Shift to digital video

Basic market growth/net price increase

2 3 4

Net market growth potential 2020 vs. 2016 [in EUR m]

6 1

Market drivers

5

∑ ~535 (CAGR 3.0%)

7

P7S1 captures large

part of video growth

Focus topics for today

5 1

3 Distribution update

AdTech and data initiatives

4 Advertising market

Portfolio management and M&A TV performance

2

Our AdTech & data initiatives are progressing

Technology Data sources Products

P7S1 TV data

P7S1 Commerce data

Log-in partner alliance

PEP (Zalando coop) P7S1 Digital

Entertainment data Addressable TV SwitchIn

Sales

European Broadcaster Exchange (EBX)

Value creation levers for P7S1 Influence eCPM ¹⁾

on Digital & TV Drive video views/

page impressions Reduce customer

acquisition costs Offer direct

marketing services Increase conversion rates

New New

Smartstream.TV Int. ^New

We have a unique position in data

None Best

Best

Digital Commerce data Usage-

weighted

TV data

New Log-in alliance partnership will strengthen our future ad business

Maximum convenience for users to register with one password across all partner sites

Transparent user privacy management in line with upcoming European ePrivacy data regulation

Further optimized individualization of advertising offerings and products

Initial reach of 45m users across all founding partners ¹⁾ Open for further partners – based on

open log-in standard First

partner

One login

angemeldet bleiben

1:1 communication and targeting

Deutsche Bahn

WWF

Eurowings

Sony

Columbia

Heineken

Paramount

Kia

Weight Watchers

P7S1 already leading the market in addressable TV advertising

Addressable TV Example for successful SwitchIn campaigns

Interaction and online features Adserver connection provided

via own AdTech stack

campaigns 93

67 clients H1 2017

campaigns 34

24 clients

H1 2016

We are establishing a programmatic sales house with TF1 and Mediaset

European Broadcaster Exchange (EBX) Premium video ad inventory by local sales houses European Broadcaster Exchange (EBX) Joint Venture with equal shares

Start of a deeper strategic collaboration to compete with global competitors

Addressing the demand for brand-safe

environments and high quality international video campaigns at scale

Open model to attract other European media companies

Joint Venture to sell pan-European programmatic

video advertising campaigns targeting additional

advertising budgets

Outlook

Thomas Ebeling

We confirm our revenue and earnings outlook for 2017

At least high single-digit Group revenue growth German TV ad market to grow +1.5% to +2.5%, with lower end of range perceived more likely

Digital portfolio with double-digit revenue growth

Adjusted EBITDA and adjusted net income above prior year P7S1 performance relative to overall TV ad market subject

to share catch-up effects in decisive months September to December

Backup

Q2/H1 2017 Group key metrics

[in EUR m] Q2 2017 Q2 2016 Δ H1 2017 H1 2016 Δ

Revenues 962 886 +9% 1,872 1,688 +11%

Adjusted EBITDA 270 254 +6% 458 424 +8%

Reconciling items ¹⁾ -12 4 >100% -37 -5 >100%

EBITDA 258 258 +0% 421 420 +0%

Depreciation and amortization -53 -47 +14% -107 -86 +24%

Thereof PPA ¹⁾ -13 -15 -11% -27 -25 +8%

Operating result (EBIT) 205 211 -3% 314 333 -6%

Financial result -26 -10 n/a -37 -34 +10%

Thereof interest result -14 -23 -40% -36 -46 -22%

Thereof valuation effects ¹⁾ -13 17 n/a 1 15 -93%

Earnings before tax (EBT) 179 201 -11% 276 299 -8%

Net income ²⁾ 117 136 -14% 181 203 -11%

Adjusted net income ³⁾ 144 133 +9% 233 213 +9%

Net financial debt ⁴⁾ -2,425 -2,005 +21% -2,425 -2,005 +21%

This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objectives of management and future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct.

No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness,

completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The

information in this presentation is subject to change without notice, it may be incomplete or condensed, and it

may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1

undertakes no obligation to publicly update or revise any forward-looking statements or other information stated

herein, whether as a result of new information, future events or otherwise.