presentation Company

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Company

presentation

January 2022

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PROSIEBENSAT.1 AT A GLANCE

3

•

Operates leading Entertainment platforms in linear and digital by leveraging synergies with own production and distribution house

•

Generates advertising spaces leveraged by external clients as well as internally (by

Dating and Commerce & Ventures businesses)

•

Focuses on investments in digital companies in consumer-oriented

markets; from early stage to more mature companies

•

Concentrates on investments that have strong synergies with the Entertainment business

ENTERTAINMENT COMMERCE & VENTURES DATING

•

Leading mobile-first global playerin the dating segment

•

Focuses on building an ecosystem across matchmaking, online dating and social entertainment

•

Leveragessynergies within new Group (cross-selling between brands, technologies and platform scaling, data synergies, etc.)

MATCHMAKING DATING & LIVE

ENTERTAINMENT SEVENVENTURES/

P7S1 ACCELERATOR NUCOM GROUP/

SEVENGROWTH MONETIZATION

& AD TECH ENTERTAINMENT

& REACH CONTENT

& IP

PYJAMA PICTURES

PRODUCTION

& DISTRIBUTION

GROUP

We strive to systematically and synergistically connect entertainment, dating and digital consumer brand businesses

to create long-term value 3,071

541 921 Group Revenues

LTM Q3 2021 EUR 4,533m

668

116 83

Group adj. EBITDA LTM Q3 2021

EUR 847m

Entertainment Dating Commerce & Ventures

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STRONG EXECUTIVE BOARD

4

RAINER BEAUJEAN

Chairman of the Executive Board (Group CEO)

WOLFGANG LINK

Member of the Executive Board CHRISTINE SCHEFFLER Member of the Executive Board

Responsibilities

Holding:e.g. Strategy, M&A,

Communications, IR, Internal Audit, IT, Legal, Regulatory & Governmental Affairs Commerce & Ventures:e.g.

SevenAccelerator, SevenVentures and NuCom Group

Dating & Video: e.g. ParshipMeet Group 2022/01Chairman of the Executive Board (Group CEO)

2020/03 Chairman of the Executive Board & CFO

2019/07 Member of the Executive Board

& CFO

Entertainment: e.g. Seven.One

Entertainment Group, Joyn, Red Arrow Studios, Studio71

2020/03 Member of the Executive Board 2019/04 Co-CEO Entertainment

2013/10Management Board member &

CEO of Seven.One Entertainment Group 2009/06joined P7S1 as Entertainment Director of SAT.1

Holding & Segments: e.g. Human Resources, Compliance, Sustainability, Organizational Development &

Operational Excellence

2020/03 Member of the Executive Board

& Chief Human Resources Officer 2019/01 joined P7S1 as Chief Human Resources Officer

RALF PETER GIERIG Member of the Executive Board &

Chief Financial Officer (Group CFO) Responsibilities

Holding & Segments: e.g. Controlling (incl. Risk Management), Accounting &

Taxes, Shared Services, Treasury, Procurement & Real Estate, Corporate Security

2022/01Member of the Executive Board

& Chief Financial Officer (Group CFO) 2016/10 Deputy Group CFO

2007/07 EVP Group Finance & IR 2011/03-2013/01CFO of the segment Diversification

2004/09 Director of Finance & IR 2000/10Head of / Director of Finance 1996/04joined P7S1 as Head of Finance

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GROUP PROFILE INCREASINGLY DETERMINED BY STRUCTURALLY GROWING BUSINESSES - DEPENDENCY ON TV AD BUSINESS REDUCED FURTHER

6

• Operates leading Entertainment platforms in linear and digital by leveraging synergies with own production and distribution house

• TV channels and online platforms generate advertisingas well as subscription revenues

• Platform-independent approach to match changing consumer preferences and achieve long-term revenue and earnings growth

ENTERTAINMENT

• Focuses on investments in digital companies in consumer-oriented markets; from early stage to more mature

• Concentrates on investments that have strong synergies with the Entertainment business

• Online assets that provide long- term structural growth potential

• Leading mobile-first global player in the dating business

• Focuses on building an ecosystem across social entertainment, online dating and matchmaking

• Leverages synergies within Dating and with Entertainment (cross-selling between brands, technologies and platform scaling, data

synergies, etc.)

DATING COMMERCE & VENTURES

21%

11%

23%

Group revenues, Group revenue split LTM Q3 2021, in %

PROSIEBENSAT.1 GROUP

EUR 4,533m

(LTM Q3 2021)

20%

12%

45%

23%

Advertising RoW, Distribution, Content and Other

Advertising DACH

ENTERTAINMENT COMMERCE &

VENTURES DATING

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1) Unaudited figures, for demonstration purposes only

PROSIEBENSAT.1 HAS FURTHER DIVERSIFIED ITS PROFILE WHILE MORE THAN DOUBLING GROUP REVENUES

1,947 2,293

496 541 921

112 ~100¹⁾

~40¹⁾

LTM Q3 2021 104

FY 2011 continued 2,199 178

4,533 CAGR: +7.0%

Content Advertising Distribution

Matchmaking & Social-Entertainment Digital Platform & Commerce

Other

REVENUE SPLIT IN EUR M

7

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LAST TWELVE MONTHS FIGURES SUPPORT RECENTLY INCREASED FULL-YEAR 2021 FINANCIAL TARGETS

Note: FY 2019 split on the basis of unaudited segment figures due to new segment structure since 01/01/2021; 1) Includes revenues of WindStar Medical of EUR 109m (FY 2019), EUR 114m (FY

2020) and EUR 22m (LTM Q3 2021); 2) Includes adjusted EBITDA of WindStar Medical of EUR 17m (FY 2019), EUR 18m (FY 2020) and EUR 3m (LTM Q3 2021) 8

333

541

2,768 3,016

209 910¹⁾

FY 2019

945¹⁾

FY 2020

3,071 921¹⁾

LTM Q3 2021

4,135 4,047

4,533

44

80

116

-62 774 116²⁾ 872

FY 2019

561 84²⁾

847

-19 FY 2020

668 83²⁾

-21 LTM Q3 2021 706

GROUP AND SEGMENT ADJUSTED EBITDA IN EUR M GROUP AND SEGMENT REVENUES IN EUR M

Reconciliation

Commerce & Ventures Entertainment

Dating

•

LTM Q3 2021 adjusted EBITDA of Entertainment segment reflecting different revenue mix compared to FY 2019 as well as negative impact of COVID-19-related lockdown on earnings in Q1 2021.

•

Adj. EBITDA of Dating and Commerce & Ventures combined has increased by EUR 39m vs. FY 2019

•

LTM Q3 2021 Entertainment revenues above pre-COVID 19 level of FY 2019 with DACH advertising revenues of EUR 2,056m only c. 1%

below FY 2019; Content, Distribution and intl. Studio71 drove growth

•

CAGR vs. FY 2019 primarily reflecting increase of Dating revenues

CAGR:

+5%

CAGR:

+16%

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HIGHEST THIRD QUARTER REVENUES IN GROUP HISTORY – REVENUES INCREASED BY EUR 134M COMPARED TO PRIOR YEAR

Note: Organic = adjusted for portfolio and currency effects 10

Entertainment Commerce & Ventures

Group

External Revenues [in EUR m]

Organic Growth YoY [in EUR m]

+15% +15% +53% -3%

•

Continued dynamic Group revenue growth

•

Highest amount

of third quarter revenues in Group history

•

Strong DACH advertising revenue growth of 21% vs.

Q3 2020

•

DACH ad revenues with +13% above Q3 2019 level

•

Strong reported revenue growth due to first-time consolidation of TMG

•

Almost stable

organic performance

•

Continued strong organic revenue growth driven by all verticals

•

Recovery of COVID-19 impacted businesses External Revenues

Growth YoY [in EUR m]

+15%

+15% +17%

921

633

84 204

1,055

728

129 198

Group revenuesQ3 2021 Q3 2020EntertainmentQ3 2021 Dating Commerce & Ventures Q3 2020

-2%

Q3 2021 Q3 2020

Dating

Q3 2021 Q3 2020

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Q3 2021 Q3 2020 YoY 9M 2021 9M2020 YoY

Group 1,055 921 +15% 3,041 2,555 +19%

Organic 1,006 875 +15% 2,823 2,429 +16%

Entertainment 728 633 +15% 2,075 1,772 +17%

Organic 728 621 +17% 2,075 1,743 +19%

Dating 129 84 +53% 409 201 >+100%

Organic 80 82 -2% 191 196 -2%

Commerce &

Ventures 198 204 -3% 558 582 -4%

Organic 198 172 +15% 558 490 +14%

DYNAMIC GROUP REVENUE GROWTH REFLECTING FAVORABLE DEVELOPMENT IN ENTERTAINMENT

EXTERNAL REVENUES: GROUP & SEGMENTS

[in EUR m]

Comments

• Dynamic revenue growth of +15% to EUR 1,055m in Q3 2021 mainly driven by continuing advertising recovery.

• Entertainment segment with strong organic revenue growth of +17% to EUR 728m in Q3 2021 reflecting strong growth of the advertising business. Entertainment DACH advertising revenues grew +21%

y-o-y and have been 13% above the pre- COVID-19 level in Q3 2019.

Content business again grew strongly with revenue growth of 20% in Q3 2021.

• Dating segment benefited from first-time consolidation of The Meet Group.

• Commerce & Ventures revenues almost on prior year’s level, showing that deconsolidation of WindStar Medical has almost been fully compensated. Strong organic revenue growth of +15% in Q3 2021.

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Q3 2021 Q3 2020 YoY 9M 2021 9M 2020 YoY

Group 162 149 +9% 470 328 +43%

Entertainment 128 115 +11% 367 260 +41%

Dating 25 19 +32% 87 51 +71%

Commerce &

Ventures 14 19 -25% 33 34 -1%

Reconciliation

(Holding & other) -6 -4 +38% -17 -16 +10%

HIGH-MARGIN ADVERTISING BUSINESS DRIVES

ADJUSTED EBITDA INCREASE IN BOTH Q3 AND 9M 2021

12

ADJUSTED EBITDA: GROUP & SEGMENTS

[in EUR m]

Comments

• Group adjusted EBITDA increased by +9%

in Q3 2021. On a nine-month basis, it improved by +43% to EUR 470m, reflecting revenue growth in the high-margin advertising business in Q2 and Q3 2021.

• Adjusted EBITDA growth in Entertainment segment of +11% in Q3 2021. In the first nine months adjusted EBITDA improved by +41% primarily benefiting from dynamic development of the advertising business.

Segment profitability was partially offset by a 21% increase in programming spend to EUR 259m in Q3 2021 and a 9% increase to EUR 748m in 9M 2021.

• Dating segment also recorded an increase in adjusted EBITDA by EUR 6m to EUR 25m in Q3 2021 due to first-time consolidation of The Meet Group in September 2020.

• Stable adjusted EBITDA of EUR 33m in Commerce & Ventures segment in 9M 2021 despite deconsolidation of WindStar Medical (previous year: EUR 5m in Q3 2020 and EUR 15m in 9M 2020).

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STRONG OPERATING PROFITS TRANSLATE INTO SUBSTANTIAL ADJUSTED NET INCOME INCREASE

1) Attributable to shareholders of P7S1 13

EARNINGS AND CASHFLOW KPIS

[in EUR m]

Q3 2021 Q3 2020 YoY 9M 2021 9M 2020 YoY

Adjusted EBITDA 162 149 +9% 470 328 +43%

EBITDA 156 174 -10% 445 340 +31%

EBIT 97 114 -15% 260 159 +64%

Net income

¹⁾

73 69 +6% 262 52 >+100%

Adjusted

net income

¹⁾

58 29 +98% 158 36 >+100%

Adjusted

operating FCF 134 34 >+100% 303 67 >+100%

Comments

• Adjusted EBITDA improvement also drives strong increase in adjusted net income by +98% in Q3 2021 and >+100% in 9M 2021, respectively.

• Reduction in reported EBITDA and EBIT reflects positive one-off effect in the previous year which resulted from the disposal of myLoc in the amount of EUR 35m in September 2020.

• Increase in reported net income in 9M 2021 especially due to increase in operating profits as well as valuation effects which have been recognized especially in H1 2021 (e.g. About You) and which have been adjusted accordingly.

• Significant adjusted operating FCF increase due to better Group adjusted EBITDA and cash conversion (programming cost increase to a large extent non-cash).

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ENTERTAINMENT SEGMENT BENEFITED STRONGLY FROM RECOVERY OF ADVERTISING BUSINESS

ENTERTAINMENT EXTERNAL REVENUES AND ADJUSTED EBITDA

[in EUR m]

Q3 2021 Q3 2020 YoY 9M 2021 9M 2020 YoY

External Revenues

728 633 +15% 2,075 1,772 +17%

Organic 728 621 +17% 2,075 1,743 +19%

Advertising

535 455 +18% 1,518 1,315 +15%

DACH

479 398 +21% 1,353 1,170 +16%

Rest of World

56 57 -2% 164 145 +14%

Distribution

44 42 +4% 134 125 +7%

Content

125 104 +20% 351 249 +41%

Other

24 31 -23% 71 83 -14%

Adjusted EBITDA

128 115 +11% 367 260 +41%

Comments

• The Entertainment advertising business benefited strongly from the ad market recovery both in the DACH region and globally.

• Continued distribution revenue growth driven by solid HD subscriber growth and more comprehensive distribution agreements.

• Content business also continued to recover from prior year's COVID-19 impact, translating into double-digit revenue growth in both Q3 and 9M 2021.

• Other Entertainment revenues primarily reflect deconsolidation of myLoc in September 2020.

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DATING SEGMENT REVENUE GROWTH DRIVEN BY CONSOLIDATION OF THE MEET GROUP

DATING EXTERNAL REVENUES AND ADJUSTED EBITDA

[in EUR m]

Q3 2021 Q3 2020 YoY 9M 2021 9M 2020 YoY

External Revenues 129 84 +53% 409 201 >+100%

Organic 80 82 -2% 191 196 -2%

Adjusted EBITDA 25 19 +32% 87 51 +71%

Comments

• Dating segment with strong double-digit

% revenue growth due to first-time consolidation of The Meet Group in September 2020.

• On an organic basis, revenues were almost stable vs. prior year. The slight decline largely reflects higher consumer demand for matchmaking services during the pandemic in spring and summer 2020.

The Meet Group also notably benefited from significantly higher usage of its video services at the beginning of the pandemic.

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Q3 2021 Q3 2020 YoY 9M 2021 9M 2020 YoY

External Revenues 198 204 -3% 558 582 -4%

Organic 198 172 +15% 558 490 +14%

Advertising 39 31 +25% 104 88 +19%

NuCom Group 158 172 -8% 452 492 -8%

Consumer Advice 48 44 +9% 140 142 -1%

Experiences 20 17 +16% 40 42 -5%

Beauty & Lifestyle 89 110 -19% 272 308 -12%

Other 1 1 +25% 2 3 -8%

Adjusted EBITDA 14 19 -25% 33 34 -1%

COMMERCE & VENTURES REVENUES ALMOST AT PRIOR YEAR’S LEVEL DESPITE DECONSOLIDATION EFFECTS

COMMERCE & VENTURES EXTERNAL REVENUES AND ADJUSTED EBITDA

[in EUR m]

Comments

• Commerce & Ventures segment revenues in Q3 2021 almost at prior year’s level despite deconsolidation of WindStar Medical which contributed EUR 31m to segment revenues in Q3 2020 (EUR 92 in 9m 2020).

• Adjusted for portfolio and currency effects, segment revenues grew by +15% in Q3 2021. The online beauty provider Flaconi (Beauty & Lifestyle) continued to be a meaningful revenue growth contributor.

• Revenue growth of advertising business supported by recovery of SevenVentures business and continuing growth of marktguru and wetter.com.

• Consumer Advice recorded growth of +9%

in Q3 2021, with relevant contribution from the online car rental platform Billiger Mietwagen.

• The Experiences business also recovered in Q3 2021 due to the easing of COVID-19- related restrictions.

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SIGNIFICANT REDUCTION OF NET AND GROSS DEBT BY EUR 377M AND EUR 950M RESPECTIVELY AS OF SEPTEMBER 30, 2021 VS. PRIOR YEAR

1) Financial leverage: net debt/LTM adjusted EBITDA; Note: IFRS net debt as per P7S1 definition (i.e., excluding lease liabilities and real estate liabilities); 2) includes deductions of

finance costs/disagio according to IFRS 17

Debt profile [in EUR m] 09/21 12/20 09/20 Maturity

Senior Notes - 600 600 Jan-21

Term Loan 151 151 151 Apr-23

Term Loan 1,949 1,949 1,949 Apr-24

RCF 0 0 35 Apr-23

RCF 0 0 315 Apr-24

Promissory Loan 275 275 275 Dec-23

Promissory Loan 225 225 225 Dec-26

Other loans and borrowings²⁾ (6) (8) (6) Misc.

Total gross debt 2,594 3,192 3,544

Cash and cash equivalents (483) (1,224) (1,056)

Total net debt 2,111 1,968 2,488

2,488

1,968 2,111

09/30/2020 12/31/2020 09/30/2021 NET FINANCIAL DEBT

[in EUR m]

3.7x

¹⁾

2.8x

¹⁾

2.5x

¹⁾

•

Strong FCF and net inflows from M&A in past twelve months lead to net financial debt reduction by EUR 377m to EUR 2,111m at the end of Q3 2021 vs.

Q3 2020 despite dividend pay-out of EUR 111m in June 2021

•

Meaningful improvement of leverage factor with a reduction to 2.5x at the end of Q3 2021 compared to factor 3.7x at the end of Q3 2020

•

Significant reduction of gross debt due to repayment of EUR 600m senior notes in January 2021

-377

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Term Loans Promissory Loans 2016 Promissory Loans 2021

PROSIEBENSAT.1 USES PROCEEDS OF NEW EUR 700M PROMISSORY LOANS (SCHULDSCHEINDARLEHEN) FOR A EUR 900M PREPAYMENT OF TERM LOANS

1) Shown excluding RCF facilities (currently undrawn) totaling of EUR 74m (maturity date Apr 2023) and EUR 676m (maturity date Apr 2024) and other loans and borrowings 18

151 275

1,949

225 Apr-23 Dec-23 Apr-24 Dec-26

86 275

1,114

226 225 346

80 48

Apr-23 Dec-23 Apr-24 Oct-25 Dec-26 Oct-27 Oct-29 Oct-31 DEBT MATURITY PROFILE

PRE REFINANCING

¹⁾

[in EUR m]

DEBT MATURITY PROFILE POST REFINANCING

¹⁾

[in EUR m]

• ProSiebenSat.1 successfully placed promissory loans (Schuldscheindarlehen) in the amount of EUR 700m with tenors of four, six, eight and ten years in October 2021, thereby diversifying the Group's debt maturity profile

• Following this, the Group prepaid EUR 900m of its existing term loans (as permanent repayment) under its Senior Facilities Agreement on October 8, 2021, by primarily applying the full gross proceeds from the new EUR 700m promissory loans. The Group thereby reduced its term loans

permanently from EUR 2.1bn to now EUR 1.2bn. The remaining term loans predominantly mature in April 2024

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AGENDA

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20

664

476

633

996

610

736 728

Q4 20 Q2 20

Q1 20 Q3 20 Q1 21 Q2 21 Q3 21

143

3

115

301

97

142 128

Q1 21

Q1 20 Q2 20 Q3 20 Q4 20 Q2 21 Q3 21

Adjusted EBITDA [in EUR m]

ENTERTAINMENT

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• We distribute our content across various platforms: Linear TV, channel websites, fan worlds, streaming platform Joyn

• In addition, we work with third-party platforms (e.g., Telekom, Vodafone, HD+) and digital

players such as Waipu.tv and Zattooas well as YouTubeand Facebookfor short-form content

• We can only win the competition in attracting viewers and users in the long term with our own content which is exclusivelyavailable on our channelsand digital platforms

• For this, we need the right program and genre mix

• Therefore, we concentrate on producing relevant, local and livecontent

• We market the Group‘s entire portfolio across all channels: TV, Addressable TV (ATV), online, mobile, video on demand, teletext

• Thereby TV is becoming increasingly digital, and we are therefore developing innovative

advertising solutions: Addressable TV, Cross- Device Bridge, CFlight

• In addition, we participate in the technical service fees that end customers pay to the respective providers for programs in HDquality

SNAPSHOT ENTERTAINMENT

1) Source: AGF in cooperation with GfK/videoscope/Marktstandard TV/P7S1; Basis: A 3+, 1 min. of consecutive viewing, 0-1 method, P7S1 Free TV channels, 9M 2021; 2) Source: P7S1 ViewTime Report 2021, Basis: A 14-69, Q2 2021; 3) Source: AGOF Daily Digital Facts/P7S1, Basis: A 16+, Ø Q3 2021, TV websites incl. ran and Galileo; 4) Source: Digitalisierungsbericht Medienanstalten 2021, Basis: Total TV sets in Germany; 5) Basis: 9M 2021; 6) Basis: Connected TVs with HbbTV and P7S1 linear TV usage; Source: P7S1 tracking and own calculation 2021; 7) Examples: The Masked Singer, Germany’s Next

Topmodel; 9) Basis: SAT.1 and ProSieben Prime Time, Q3 2021 vs. PY 21

Reach

More focus on expanding digital reach and digitization of TV

TV channels with Ø 58mmonthly viewers¹⁾

Ø 217 minutes daily TV consumption²⁾

TV channel websites:

7.4mUnique Users³⁾

Freemium streaming app Joyn: 3.4mUnique

User³⁾

Monetization

Addressing new budgets and new businesses

11m HD FTA subscribers⁵⁾

12mTV devices can be addressed with ATV

advertising⁶⁾ 63mTV devices in

Germany⁴⁾

Content

Optimization of content and playout

PYJAMA PICTURES

1,220 channels on Studio71

Talk of town formats with ratings over 20%⁷⁾

Share of local content hours increased by

+11% vs. PY⁸⁾ Rights to major sport

events: Bundesliga, NFL & Formula E

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SIGNIFICANT IMPROVEMENT IN MOST GERMAN TV ADVERTISING INDUSTRIES

1) Based on TV gross ad spend, excl. media and other advertising, Source: The Nielsen Company

TOP 15 TV ADVERTISING INDUSTRIES, YOY CHANGE IN GROSS AD SPEND

¹⁾

9M 2021 spend in EUR bn Q3 2021 vs. PY 9M 2021 vs. PY

0.4 Health Care + Pharma

Retail + Mail-Order

Finance Automotive Beverages Cosmetics + Toiletries Food

Telecommunications Services

0.9

Home + Garden Cleaning Textiles + Clothing Computer + Office Personal Accessories Construction Industry

1.6 1.4 1.4

0.8 0.6 0.6 0.6 0.5 0.5

0.3 0.2 0.1

0.1 105%

34%

28%

25%

11%

31%

28%

20%

103%

-20%

37%

26%

5%

58%

56%

33%

24%

12%

-4%

29%

11%

35%

38%

-3%

40%

26%

7%

11%

53%

38%

22

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SUSTAINED RECOVERY DRIVES DOUBLE-DIGIT PERCENT DACH AD REVENUE GROWTH

ENTERTAINMENT DACH

¹⁾

ADVERTISING REPORTED REVENUES

²⁾

, IN EUR M

423 398

Q3 2020

Q3 2019 Q3 2021

479 1,401 1,353

9M 2019

1,170

9M 2020 9M 2021

1) DACH: Germany, Austria, Switzerland; 2) Excluding SevenVentures and SevenGrowth advertising revenues,

segment figures for 2019 on the basis of unaudited figures due to new segment structure since 01/01/2021 23

+21%

+13%

+16%

-3%

• Q3 2021 DACH advertising revenues both above Q3 2020 and Q3 2019

• Despite COVID-impacted Q1 2021, development in 9M 2021 strongly supports our new Group DACH advertising target for FY 2021

• Biggest growth drivers have been Food, Finance and Health Care & Pharma

in Q3 2021

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PROSIEBENSAT.1 IS THE LEADING PLAYER IN THE GERMAN TV MARKET

1) Based on TV gross ad spend, incl. media and other advertising, Source: The Nielsen Company; 2) Basis: Mo- So, 20:15-23:00h, A 14-49; Source: AGF in cooperation with GfK/videoscope/market standard TV/P7S1; Ad Alliance without RTL 2 minority

AUDIENCE SHARE A 14-49, LTM Q3 2021

²⁾

NIELSEN GROSS ADVERTISING

REVENUE SHARE, LTM Q3 2021

¹⁾

ProSiebenSat.1 Group: 37.7% ProSiebenSat.1 Group: 25.6%

9.8%

7.5%

4.1%

23.5%

10.5%

9.5%

6.0%

4.9%

19.9%

Ad Alliance (RTL Group) 4.2%

ZDF

ARD Other

ARD III RTL 2 37.7%

34.4%

6.5%

Seven.One Media Sky

ARD/ZDF

Ad Alliance (RTL Group) 6.2%

El Cartel Visoon 3.3%

Discovery

Other

24

4.0%

3.5%

4.4%

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1) DACH: Germany, Austria, Switzerland; 2) CFlight ® NBC Universal Media, LLC

CONTINUING CONSISTENT LOCAL CONTENT STRATEGY TO MAXIMIZE LONG-TERM REACH

MAIN ACHIEVEMENTS IN Q3 2021

• First major “Total Video based on CFlight²⁾” advertising campaign launched with OBI (further leads in pipeline)

Advertising

We further invested in attractive and relevant content to strengthen our reach across all platforms:

• Focus on live content e.g., German First & Second soccer league Bundesliga, DFL Supercup, Formula E, NFL, Schlag den Star

• Expansion of Factual & Public Value content e.g., TV Triell on SAT.1, ProSieben and Kabel Eins

Outlook: Exclusive multi-year first look deal with Talpa Concepts (John de Mol) signed, ProSiebenSat.1 as exclusive production partner in DACH¹⁾for future Talpa productions

Local & live content

Distribution

• Participate in increasing IPTV/OTT market with new Deutsche Telekom deal for new MagentaTV portfolio (including UHD and Addressable TV)

• Extend and push reach by achieving full coverage with all major

distribution partners and on strong growing digital platforms (e.g., Sky OTT Germany, HD+ OTT, Roku)

• Continuous growth in HD FTA subscribers reaching 11 million households and in overall distribution revenues growing by +7% in Sep YTD 2021

25

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STRONG BUNDESLIGA PERFORMANCE AND MONETIZATION ECOSYSTEM

FREE TV

Opening game of first league with 27.7% market share and DFL Supercup with 22.7%¹⁾

TV EXTENSIONS

Weekend TV show on P7MAXX, Bundesliga Flash on S1, P7, P7MAXX and K1

PODCAST

Weekly podcast with Toni & Felix Kroos

produced by Starwatch

LIVE STREAMS

Live streams on Joyn and on ran and SAT.1 apps and websites

DIGITAL EXTENSIONS

Content hubs on sports

publisher platforms SPOX, Goal and LigaInsider

SOCIAL MEDIA

Live vertical broadcast of DFL Supercup on TikTok ran channel

1) Basis: Mo-So, 3-3h, A 14-49; Source: AGF in cooperation with GfK/videoscope/Marktstandard TV/P7S1

DIGITAL

Weekly web show on ran.de, YouTube and Facebook LIVE

SALES

Five

top customers acquired; new ad formats established

BUNDESLIGA SEASON 2021/2022

26

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27

TV IS GETTING MORE DIGITAL – UNIQUE COMBINATION OF PROPRIETARY INVENTORY, TECH & DATA

Data offensive: Increasing focus on data collection and measurement – new socio-demographic targeting based on waterfall model

• All TV devices

• Linear TV ads Linear TV

63m

TV devices¹⁾

Convergent video

• Total Video –based on CFlight⁴⁾

• Cross-device, bookable across marketers via d- force

Convergent video advertising products across TV and Digital

1) Source: Digitalisierungsbericht Medienanstalten 2021, Basis: Total TV sets in Germany; 2) Basis: Connected TVs with HbbTV and P7S1 linear TV usage; Source: P7S1 tracking and own calculation 2021; 3) Source: AGOF Daily Digital Facts/P7S1, Basis: A 16+, Ø Q3 2021, Joyn and TV websites incl. ran and Galileo; 4) CFlight ® NBC Universal Media, LLC

Digital video

• TV websites & apps

• Joyn

• Digital video ads and subscription

• First party data &

7Pass

10m

Unique Users³⁾ Addressable TV / VoD

• Based on tech standard HbbTV

• Addressable TV ads

• Efficient targeting options

12m

TV devices²⁾

CONVERGENT LINEAR AND DIGITAL INVENTORIES

HbbTV

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ADDRESSABLE TV COMBINES THE BEST FROM TV & DIGITAL

28

Addressable TV

Digital TV

Medium with the largest reach Adding emotional

appeal with video

Brand safety

Lean back effect

Approach to specific target group

Targeting at device level

Precise measurability

Efficient use of advertising budget

(29)

OVER 12 MILLION DEVICES ADDRESSABLE WITH ADDRESSABLE TV, ~5M WITH ADDRESSABLE TV SPOT

1) Source: Digitalisierungsbericht Medienanstalten 2021, Basis: Total TV sets in Germany;

Source: ProSiebenSat.1 estimate based on Digitalisierungsbericht, die medienanstalten / Kantar 2020 and Seven.One Tracking; base: Germany 29

Linear TV

Reach-Potential TV devices (m)¹⁾

Smart TV Smart TV connected

•

All TV devices

•

All receiving channels

•

All smart TV devices

•

All smart TV devices

•

Internet-connected

•

DVB reception

(Sat/Cable/Terrestrial)

•

Internet-connected

•

No proprietary IPTV or cable set-top box

•

P7S1 channel portfolio

63 28.4 21.4 ~12

Addressable TV

•

Smart TV population with HbbTV 1.5 or 2.0 standard that allows spot replacement in addition to Switch-Ins

•

P7S1 channel portfolio

~5

with

Addressable TV spot

with with with with

(30)

2) Source: Seven.One Media, June 2021 (average MAIs January 2021–June 2021) 30

ADDRESSABLE TV MAKES TV SMART

SWITCH-IN ADDRESSABLE TV SPOT

Addressable TV devices

~

12,3

^M

Digital

targeting Top

advertising effect With HbbTV standard >1.5

~

5

^{M TVs}

Digital

targeting Connection

AdServer

✓

SwitchIn XXL

ATV Spot

~ 500 ^M

¹⁾

Ad impressions/month

~ 50 ^M

²⁾

Ad impressions/month

1) Source: Seven.One Media, June 2021 (average SwitchIn contacts December 2020–June 2021)

(31)

Closer Linear

TV program Opener Linear

TV program

DIGITAL ADVERTISING BLOCK

Opener Closer

LINEAR TV ADVERTISING BLOCK

AT PROSIEBENSAT.1 ADDRESSABLE TV MEANS TARGETED ADS EVEN ON LINEAR TV

31

Coverage HbbTV 1.5 + 2.0 devices

Mirroring Overlay Mirroring

SPOT A P7S1 Portfolio Company SPOT C

SPOT A AddTVSpot 20“ SPOT C

Switch to digital stream

Switch to linear TV

Demo Video

(32)

32

FIRST TIME CROSSDEVICE CONNECTION BETWEEN TV AND DIGITAL DEVICES

PREVIOUSLY NEW

Advantage

•

CrossDevice matching of devices on a household level

•

Addressing target groups across devices

•

Better control over net reach and contact dose

•

Incremental Reach & Contact Boosting (+ Storytelling) based on household assignment

Challenge

•

Media planning in silos: TV | Online/MEW | Mobile iOS, Android

•

Campaigns and target groups are difficult to plan and to address

•

Little control for comprehensive TV/Digital campaigns

•

Linking of TV/Digital only via Media Mix Modelling

Digital CrossDevice

TV

ID

CrossDevice Household groups

WLAN

Matching via IP Address of the

router

(33)

UNIFORM PRINCIPLES AND HIGHEST MEDIA QUALITY FOR CROSS-MEDIA CAMPAIGNS AT TV LEVEL

CFlight ensures the AGF standard. Further, the AGF is fully supported in a cross-platform reach measurement.

CFlight uses thebest possible data-sourcesto map demographic information on non-linear platforms. Only contacts in the target group are considered.

CFlight is opento other market participants

CFlight defines highest media quality, differentiating itself from video ads with lower media quality: 100% view-through rate, 100% audio, 100% viewability.

THE CFLIGHT

¹⁾

CONCEPT PRINCIPLES

1) CFlight® NBCUniversal Media, LLC. 33

(34)

Definition

Mediaquality Equalized

Contacts

VTR

(View through rate) Viewability Audibility Valid

Linear TV ^{By Design}

CFLIGHT WITH HIGHEST AMBITION REGARDING MEDIA QUALITY

Completed Ads audible, viewable,

human

Contacts on-target

Digital: valid avoc

AVOC: Audible, viewable on completion

Digital ^Completed _{Ad VTR 100} Viewable on

completion Audible on

completion Human impression

Linear TV Digital On-Target Digital valid AVOC

SOM measurement:

34 CFlight definition VTR, Seven.One Media also takes into account for digital media quality viewability, audibility and valid traffic

(35)

35

59 58

84

132 141 139

129

Q4 20 Q2 20

Q1 20 Q3 20 Q1 21 Q2 21 Q3 21

16 16 19

29

33

28 25

Q4 20 Q2 21

Q1 20 Q2 20 Q3 20 Q1 21 Q3 21

DATING

(36)

SNAPSHOT DATING

1) Pro-forma FY 2020 revenues 36

Matchmaking

•

20+ years of Experience in building happy, long-term relationships

•

Scientific methods create highly compatible couples and lasting love

•

Strong brands with market leading positions in Europe and North America

Social Dating and Entertainment

•

15+ years of meeting the universal need for human connection

•

Highly interactive environments allow people to meet, chat, date, and enjoy live entertainment

•

The largest provider of livestreaming dating games in the world with a focus on North America and Europe

Parship eharmony ElitePartner MeetMe Tagged Growlr Skout Lovoo

International market leader in matchmaking and global champion in video dating - Whatever people are looking for with us, we have the right service for them - Our highly diversified range of apps offers something for everyone.

This is what makes us so unique in the online dating market

US

52% of revenues Germany

25% of revenues Rest of World 23% of revenues Geographic Footprint¹⁾

(37)

B2B vPaaS

Live video streaming is a global megatrend, and we are among the earliest pioneers and leaders in our core markets.

As the top provider of interactive dating services, we offer live video streaming products not only within our own brand portfolio, but also for partners, as a customized and ready-to-use solution for clients in the dating industry and beyond.

Virtual Goods

Our social dating apps –MeetMe, Skout, and Tagged—pioneered a new revenue model in the dating industry: virtual gifts in

livestreamingvideo. Like buying a drink at the bar, viewers of live video streams send virtual gifts to their favorite streamers to stand out and express interest.

Our social dating apps monetize primarily through in-app

purchases.

Advertising

To advertisers seeking data-driven and highly targetedaccess to hard-to-reach demographic groups, we offer massive scale, with 10+ billion monthly ad

impressions across our active and growing global community, and sophisticated data science for effective hyper-targeting.

As mobile usage grows and advertising continues its fast migration to follow the eyeballs to mobile devices, our remarkably engaged global audience will become ever more valuableto advertisers around the world.

Subscription

Customers of our matchmaking services –eharmony, Parshipand ElitePartner–are looking for happy, long-term relationships. It may be love at first sight –or it may take a few months. For these individuals we offer subscriptions with terms of 6 months or longer.

Customers of our dating services, LOVOOand GROWLr, are looking for a more relaxed atmosphere in which they can find a date for the weekend that may turn into something more. Accordingly, we also offer shorter-term

subscriptions.

HIGHLY DIVERSIFIED BUSINESS MODEL AND REVENUE STREAMS STANDING OUT IN THE MARKET

37

(38)

DATING SEGMENT REVENUES AND ADJUSTED EBITDA DRIVEN BY CONSOLIDATION OF THE MEET GROUP

• Running live-streaming video successfully relies on building and constantly optimizing a fully integrated solution

• Live-video engages and monetizes fans & micro-influencers through virtual gifts (e.g.

roses). Streamers who receive virtual gifts can redeem these items for cash payouts

• Revenues from live-video now represent >1/3 of the revenues of the Dating segment, and growing¹⁾

• New live formats are developed continuously to engage the audience via freshness and link to Entertainment segment

LIVE-VIDEO IS A MAJOR REVENUE SOURCE FOR OUR DATING SEGMENT

EXEMPLARY NEW LIVE FORMATS

LEARN MORE ABOUT LIVE VIDEO PRODUCT

LTM Revenues [in EUR m]

REPORTED DATING REVENUES AND ADJ. EBITDA

LTM adjusted EBITDA

[in EUR m]

1) Owned & operated video and vPaaS

38

254

541

Q3 20 Q3 21

65 116

Q3 20 Q3 21

>+100% >+100%

(39)

SUCCESSFUL VPAAS COMMERCIALIZATION TO SUPPORT FUTURE SEGMENT DEVELOPMENT

39

Technology Continued investments in software

improvements

& new features

Moderation 500+ human moderators combined with sophisticated AI

Audience 1.2 m

broadcasters and 8.9 m viewers per month Talent

Management 30-person team to recruit emerging talents

Formats Constantly developing new formats to engage the audience

Monetization Gifting to streamers based on in-app coin purchases

vPaaS used or in development by ten

brands, including:

VIDEO-PLATFORM-AS-A-SERVICE (VPAAS) RAISES GROWING INTEREST

• vPaaS is already implemented with major players within the dating industry

• The platform benefits strongly from network effects, allowing 3^rdparties fast scaling and a lock-in effect

(40)

40

203 176 204

363

187 172 198

Q3 20 Q2 21 Q3 21

Q1 20 Q2 20 Q4 20 Q1 21

6 9

19

50

17

2

14

Q2 20 Q3 20 Q3 21

Q1 20 Q4 20 Q1 21 Q2 21

COMMERCE &

VENTURES

(41)

SNAPSHOT COMMERCE & VENTURES

Note: NuCom Group shareholder structure: ProsiebenSat.1 Media SE: 71.6% plus EUR 299m preferred equity, General Atlantic: 28.4% 41

Seed to Early Stage Early & Growth Strategic Growth

• Standardized 360° media testing deals (TV, video, influencers,…)

• Focus on digital and FMCG start-ups

• Media-for-Revenue & Media-for-Equity minority invests to utilize idle inventory

• Enablinggrowth and scalability for partner through full reach

• BroadB2Cindustry focus in GSA

Majority investments & growth platforms:

• Invest cash and media with strategic interest

• Synergies exploration

• Focus on operational & data excellence CONSUMER ADVICE

BEAUTY & LIFESTYLE

EXPERIENCES

Selection of transactions Selection of transactions

(42)

COMMERCE & VENTURES | SOLID UNDERLYING SEGMENT REVENUE PERFORMANCE ALSO IN Q3 2021

• Ongoing rebound of Corona-impacted companies compared to previous year, most notably:

• JSMD with stronger voucher sales business of +13% yoy vs. Q3 2020

• SilverTours with >+50% revenue yoy vs. Q3 2020

Note: Organic = adjusted for portfolio and currency effects

1) Segment figures for 2019 on the basis of unaudited figures due to new segment structure since 01/01/2021;

2) 9M 2019 including pro-forma figures for Aroundhome prior to first-time consolidation in March 2019 and for Regiondo prior to first-time consolidation in June 2019 (overall c. EUR 13m)

COMMERCE & VENTURES ORGANIC REVENUES

¹⁾

, IN EUR M

179 172 198

Q3 2019 Q3 2020 Q3 2021

500 490 558

9M 2021 9M 2020

9M 2019

42 2)

+10%

+15%

+14%

+11%

(43)

SUCCESSFUL CLOSING OF FOUR INVESTMENTS IN Q3 2021

STRATEGIC GROWTH EARLY & GROWTH

SEED & EARLY STAGE

follow-on new deal

Launched motivational 360° campaign with new TV spot together with P7S1

new deal new deal

NUCOM GROUP SELLS AMORELIE TO EQOM GROUP

• P7S1 developed the profile and strength of the Amorelie brand via TV advertisingover the last 7 years

• P7S1 supported Amorelie with operational know-how in building up its own brandsas well as its presence in offline retail

• P7S1 no longer the best owner with regards to further internationalization M4E convertible with

shipment & logistics service platform in ecommerce

M4E convertiblewith qualitative pet food brand - modernized & rethought

M4E deal with leading European consumer tech

subscription platform

M4E deal with European marketplace for refurbished electronics

43 campaign

launch

(44)

PROVEN BUSINESS MODEL: WINDSTAR MEDICAL SOLD AT AN ENTERPRISE VALUE OF EUR 280M

1) Including shareholder loan; 2) Based on entity adj. EBITDA 44

EUR 70m pro- forma external

revenues, adj.

EBITDA margin of c. 13%

(FY 2016)

Acquisition of OTC brand Zirkulin for EUR 32m

EUR 123m external revenues, adj.

EBITDA margin of c. 15%²⁾ Acquisition by

Oakley Capital (EV of EUR 280m, EqV of

EUR 288m¹⁾)

FY 2016 01/2018 10/2020 LTM 11/2020

Acquisition of WindStar Medical (EV of

EUR 85m, equity value of

EUR 71m) 10/2016

WINDSTAR MEDICAL DEVELOPMENT

HIGH VALUE CREATED FOR INVESTORS

• Proven business modelto build leading brands by leveraging TV media:

Launched brand campaigns for WindStar Medical brand SOS, brand awareness rose in Germany from 31% in 2016 to 75% in 2020

• Launched diverse new distribution channels (e.g., direct-to-consumer, marketplace, online pharmacy, etc.)

Enterprise value increased by

since 2016

2.4x

(45)

AGENDA

45

Who we are Strategy Financials

Segment Deep Dives ESG

Outlook

Share

Appendix

(46)

1) Each of the 17 SDGs offers several specific and actionable targets; overall there are 169 targets. As result of a materiality analysis, P7S1 identified six SDGs as most relevant for the

Group with the best strategic fit 46

P7S1 APPROACH TO SUSTAINABILITY/ESG

• P7S1 defines sustainable entrepreneurial activity as an integrated approach for improving its economic, environmental and social performance.

• P7S1‘s Group-wide sustainability strategy entitled “We love to sustain” is based on the UN Sustainable Development Goals (SDGs)

¹⁾

; P7S1 is signatory of the United Nations Global Compact.

• P7S1 has expanded the sustainability organization in the last years by installing a Sustainability Committee (2019) and a Corporate Sustainability Office (2020); Executive Board-level responsibility for non-financial aspects and sustainability performance indicators.

• External audit of P7S1 Non-financial Report with reasonable assurance; additional engagement of auditor to perform an

independent limited assurance on the Sustainability/GRI Report.

(47)

. 47

WE LOVE TO SUSTAIN

OUR GOAL

Our goal is to implement sustainability as an integral management concept in all areas of the P7S1 Group. Sustainable management as the basis for all our business decisions is to become a matter of course.

As a company, we want to operate in an inclusive and sustainable, environmentally and socially responsible way. As a media group, we want to represent and, above all, promote a cosmopolitan and democratic society.

OUR PRINCIPLES

• We form opinions and promote democracy

• We promote equal rights and equal opportunities

• We are committed to ecological sustainability and climate protection

• We stand for openness and honesty

(48)

ESG TARGETS NOW FULLY INTEGRATED IN OUR NEW COMPENSATION STRUCTURE

48

35% - 40%

5% - 10%

35% - 40%

15% - 20%

Base salary

Company pension scheme and fringe benefits Long Term Incentive

Short Term Incentive

40%

20% ESG targets

adjusted Operating FCF

adjusted EBITDA

The Short-Term Incentive depends on the business success of ProSiebenSat.1 Group in the respective financial year.

It is calculated on the basis of the target achievements determined for the financial year for adjusted EBITDA and adjusted

Operating FCF, in each case at Group level, as well as for the ESG targets.

The weighted target achievements are added together after the end of a financial year, with the two financial targets each weighted with 40% and the ESG targets with 20%.

The final payout is limited to a maximum of 200% of the individual target amount (cap) agreed in the respective service contract.

COMPENSATION STRUCTURE SPLIT SHORT TERM INCENTIVE

(49)

1) The market-based method was used for the calculation of the GHG emissions.

2) By 06/2022. 49

SELECTED NON-FINANCIAL KEY FIGURES

ENVIRONMENTAL

2020 2019 ∆

Total energy consumption in GWh 36.67 40.72 -10%

Energy intensity

(consumption/revenues) in

MWh/EUR m 9.06 9.85 -8%

GHG emissions¹⁾ –Scope 1 and 2 (CO₂

equivalents) in metric tons 3,787 4,992 -24%

GHG emissions¹⁾ –Scope 1 and 2 (CO₂

equivalents) in metric tons 3,787 4,992 -24%

Total GHG emissions¹⁾ –Scope 1, 2

and 3 (CO₂equivalents) in metric tons 9,584 21,284 -55%

GHG intensity (emissions/revenues)

in MWh/EUR m 2.37 5.15 -54%

SOCIAL

2020 2019 ∆

Ratio of women (employees) 49.2% 49.4% -0.2 pp

Ratio of women (management) 35.4% 34.8% +0.6 pp

Ratio of women at first management

level below Executive Board 25.0% 25.0% 15%²⁾ Ratio of women at second

management

level below Executive Board 30.4% 34.2% 30%²⁾

(50)

STRATEGIC GOALS

Society / Diversity & Inclusion

• Focus increasingly on socio-politically relevant issues in terms of media and content and structural expansion of sustainable storytelling and influencer marketing

• Further enhancing diversity management in the Group (esp. focusing on ethnic origin and nationality, gender, sexual orientation and identity)

• Improving audiovisual diversity in the media industry

• Increase number of severely disabled employees and establish Disability Officer to strengthen inclusion

• Continuously expanding barrier-free offerings for viewers and users

Climate & Environment

• Reduce operational CO2 emissions of P7S1 Group to zero by 2030 (2021: around -15% vs. 2019)

• Achieve the goal of climate neutrality primarily by means of lower energy consumption and electricity from renewable energy sources

• Potential GHG savings in areas such as mobility, travel management, and “green productions” identified

• Additionally, offset of CO2 emissions with climate protection projects planned (2021: 10% of carbon footprint)

Zweifarbiges Bild

50

(51)

ESG RATINGS, INDICES AND RANKINGS

1) As of November 2021

Climate Change Score: D

Average performance:

C

Quality Score Environment: 3

Social: 3 Governance: 1

Rating: C- Decile rank: 3 (High relative performance)

Rating: AA Industry-adjusted

score: 8.3 ESG risk rating: 11.5 Industry (Media): 11/275

#4 in MDAX Scorecard for Corporate Governance

2021

51

Zweifarbiges Bild

51

(52)

AGENDA

52

Who we are Strategy Financials

Segment Deep Dives ESG

Outlook

Share

Appendix

(53)

WE HAVE AGAIN INCREASED OUR FINANCIAL TARGETS FOR FY 2021

53

FY 2020 LTM Q3 2021 FY 2021 target Comment

Group

revenues EUR 4,047m EUR 4,533m EUR 4,500m (+/- EUR 50m) (Previous target: EUR 4,400 - 4,500m)

• Target takes DACH advertising revenue development in the range of +9% (previously: +3%) to +11% (previously: +7%) in 2021 into account

• Portfolio- and currency-adjusted revenue growth in the range of +10% (previously: +9%) to +12% (previously: +11%)

• Previous-year figure of EUR 4,055m (adjusted for currency and portfolio effects)¹⁾

Adjusted

EBITDA EUR 706m EUR 847m ~EUR 840m (+/- EUR 10m)

(Previous target: EUR 820m (+/- EUR 20m))

• Previous-year figure of EUR 708m (adjusted for currency and portfolio effects)²⁾

Adjusted

Operating FCF EUR 424m EUR 660m

Improvement by at least EUR 100m vs. previous year

(Previous target: At least mid-double-digit million Euro increase vs. previous year)

• Corrected for the change of investments in relation to the construction of the new campus at the premises in

Unterföhring

P7S1 ROCE³⁾ 10% 13.6% >13%

(Previous target: >10%)

• Mid-term target for ProSiebenSat.1 ROCE of 15% - to be achieved through strict application of investment policies

Financial

leverage⁴⁾ 2.8x 2.5x <2.5x

(Previous target: ≤2.5x)

• General financial leverage target range of 1.5 –2.5x

• Subject to business performance and excluding portfolio changes, previous target at or above upper end

Dividend EUR 111m EUR 111m 50% of adjusted net income • General dividend policy

1) Based on revenues in financial year 2020 translated at the exchange rates used for planning purposes in financial year 2021 (EUR/USD exchange rate of around USD 1.22) less revenues of the companies deconsolidated in 2020 –WindStar Medical at EUR 114 million and myLoc at EUR 10 million –plus pro-forma revenues for The Meet Group between January and August 2020 of EUR 173 million, also translated at the exchange rate used for planning purposes in financial year 2021 (EUR/USD exchange rate of around USD 1.22); 2) Based on adjusted EBITDA in financial year 2020 translated at the exchange rates used for planning purposes in financial year 2021 (EUR/USD exchange rate of around USD 1.22) less adjusted EBITDA of the companies deconsolidated in 2020 – WindStar Medical at EUR 23 million and myLoc at EUR 3 million –plus the pro-forma adjusted EBITDA contributions for The Meet Group between January and August 2020 of EUR 33 million, also translated at the exchange rate used for planning purposes in financial year 2021 (EUR/USD exchange rate of around USD 1.22); 3) Please see definition of P7S1 ROCE in our annual report 2020 on pages 81, 98; 4) Financial leverage: net debt/LTM adj. EBITDA; Note: IFRS net debt as per P7S1 definition (i.e. excluding lease liabilities and real estate liabilities)

(54)

ACROSS ALL SEGMENTS, WE WILL CONTINUE TO FOCUS ON SUSTAINABLE GROWTH BY FOLLOWING SIX KEY PROJECT GUIDELINES

1) IRR can be lower for replacement projects 54

Our 6 criteria to promote sustainable growth

Return At least 18% IRR for growth and change projects

¹⁾