Press Presentation Q3 2017

(1)

November 9, 2017

Q3 2017

Press Presentation

(2)

November 9, 2017

At a glance

Thomas Ebeling

Chief Executive Officer

(3)

| November 9, 2017 |

KEY FINANCIALS FOR Q3 2017

Q3 2017 vs. Q3 2016. 3

Revenues

Adjusted EBITDA

Adjusted net income

883 +3%

202 99

+0%

+1%

[in EUR m]

Q3 growth profile reflecting development of TV advertising business

(4)

OUR DYNAMICALLY GROWING ASSETS

Note: selected assets only; Q3 2017 revenue growth vs. PY. 4

Double-digit revenue growth

Distribution

(5)

WE CONTINUE TO STRENGTHEN OUR BUSINESSES THROUGH M&A

1) Q3 2017 LTM, global production revenues Amazon & Netflix only. 2) Share of external revenues generated by US production entities, Q3 2017 LTM. 5

Majority investment in digitally focused all-rights US distributor of independent feature films and

documentaries

Commercial and creative partnership with newly founded scripted and non- scripted US TV production company

… and continued our bolt-on investment strategy for Red Arrow We closed Jochen Schweizer

acquisition…

Creating a leading online experience platform while realizing cost savings and synergy potentials

12%

of total CP&GS revenues coming

from OTT players

¹⁾

71%

of total external CP&GS revenues

coming from US

entities

²⁾

(6)

WE STARTED A REVIEW OF OUR GROUP SEGMENT STRUCTURE

6

Further accelerate transformation strategy

Align Group structure to a dynamically developing media landscape

Maximize shareholder value

3 pillar setup:

Entertainment, Content Production and Commerce

Optimize sales and TV organization setup

Mid-term cost synergies

and selected growth investments Co-investors for Commerce

and Content Production

Our objectives Measures under review

Update at CMD 2017

Broadcasting German-speaking

and Digital Entertainment merger

(7)

OUR 2017 FINANCIAL OUTLOOK

7

Group revenue growth

Adjusted EBITDA

Adjusted net income

Financial leverage

Dividend pay-out ratio

mid-single digit increase (%)

slightly above prior year

1.5x-2.5x

80-90%

(8)

November 9, 2017

Financials

Dr. Jan Kemper

Chief Financial Officer

(9)

FINANCIAL ACHIEVEMENTS AND CHALLENGES IN Q3 2017

1) Closing in October 2017. 2) Closing in November 2017. 9

Business

Achievements Challenges

Comment Business Comment

• Solid revenue and earnings growth across all key verticals

• Strong performance of Verivox, mydays, Flaconi and Amorelie

• Dynamic distribution revenue and earnings growth

• Disposal of etraveli at attractive EV valuation of EUR 508m

• Sale of M4E portfolio

• Acquisition of Jochen Schweizer

¹⁾

• Acquisition of Gravitas Ventures

²⁾

• TV advertising performance resulting in trading statement on 28 August 2017

• Program write-off following strategic decision to reduce exposure to

selected underperforming US content

• Other one-time P&L effects

• Digital Entertainment and Content Production & Global Sales segment currently below targeted

development Digital Ventures &

Commerce

M&A Distribution

TV Ad Sales

Digital Entertainment/

CP&GS Broadcasting/

Group

(10)

Q3 2017: SOLID FINANCIAL PERFORMANCE DESPITE CHALLENGING AD ENVIRONMENT AND ETRAVELI DECONSOLIDATION EFFECTS

10

[in EUR m; growth in %] [in EUR m; growth in %] [in EUR m; growth in %]

Adjusted EBITDA margin: 23%

202 202

857 883

99 98

+3% +0% +1%

Consolidated revenues Adjusted EBITDA Adjusted net income

Q3 2017

Q3 2016 Q3 2016 Q3 2017 Q3 2016 Q3 2017

(11)

9M 2017: SOUND REVENUE AND EARNINGS GROWTH DUE TO THE GROUP´S DIVERSIFICATION STRATEGY

11

[in EUR m; growth in %] [in EUR m; growth in %] [in EUR m; growth in %]

+8%

9M 2017

Adjusted EBITDA margin: 24%

626 661

2,545 2,755

311 331

9M 2016 9M 2016 9M 2017 9M 2016 9M 2017

+6% +7%

Consolidated revenues Adjusted EBITDA Adjusted net income

(12)

WE HAVE MEANINGFULLY INVESTED IN M&A AND WILL CONTINUE TO DO SO

12

M&A activity since capital increase in Q4 2016 and pipeline (in EUR m)

Future deployment of capital

205

63 >400

Majority acquisitions incl.

put options

Acquisitions of minorities

Outstanding minorities/put option liabilities

Existing M&A pipeline

Total M&A spend

M&A spend since capital increase

EUR 268m

& other

Bolt-on M&A Strategic minorities

Put option liabilities/

minorities

Growth

investments in

TV and Digital

(13)

FINANCIAL LEVERAGE WELL INSIDE FINANCIAL

LEVERAGE TARGET RANGE AT THE END OF Q3 2017

Financial leverage: Net debt/LTM adj. EBITDA (LTM adj. EBITDA of EUR 1,053m (previous year: EUR 983m) for continuing operations).

Note: net debt as of 9/30/2017 after reclassification of cash and cash equivalents of held-for-sale businesses in the travel portfolio. 13

Financial leverage

2.5x 1.8x

[in EUR m]

2,419

554 1,865

0 500 1.000 1.500 2.000 2.500 3.000

30/09/2016 Change 30/09/2017

Net financial debt

(14)

OUR 2017 FINANCIAL OUTLOOK

14

Group revenue growth

Adjusted EBITDA

Adjusted net income

Financial leverage

Dividend pay-out ratio

mid-single digit increase (%)

slightly above prior year

1.5x-2.5x

80-90%

(15)

November 9, 2017

Q3 2017 focus topics

Thomas Ebeling

Chief Executive Officer

(16)

OUR FOCUS TOPICS

16

1 TV performance Distribution update

AdTech, data and addressable TV Advertising market

Digital commerce highlights

2

3

4

5

(17)

9M 2017 NET TV AD MARKET BELOW PY, BUT POSITIVE EXPECTATIONS FOR Q4

17

Total net advertising market decreased slightly in 9M 2017 due to overall reduced spend – net TV advertising market equally slightly negative

1 In our view, deviation of TV advertising revenues is mainly driven by special, individual customer and industry effects

Q4 2017 decisive for full-year net TV advertising market growth and P7S1 share catch-up effect – good start into fourth quarter

Addressable TV with innovative new targeting and clear development roadmap to full-screen overlay

P7S1 German-speaking TV advertising revenues 9M primarily 2017 below TV ad market due to seasonal share of advertising shifts by agencies and Parship internalization

2

3

4

5

(18)

2017 TV AD MARKET IMPACTED BY FOUR KEY CUSTOMER TRENDS

1) SevenOne Media own estimate. 18

Aggressive agency pitching

Increased margin pressure

Digitalization of processes

Increasing market concentration

>60% of TV volume in agency pitch situations in 2017 ¹⁾

M&A, activist investors or IPO situations

e.g., Unilever, Ceconomy, Coty

Large consultancy budgets for process digitalizations

e.g., Accenture

Consolidation in sectors

e.g., telecommunication

(19)

OVERALL STABLE TV AD SPENDINGS IN 9M 2017

Basis: Jan-Sep 2017 / 2016; source: Nielsen Media Research excl. “Media & Publishing” and “Other Advertising”. 19

Gross TV ad spendings of top 10 TV industries, Germany 9M 2016 vs.

9M 2015 in EUR m Δ Share Δ TV in media

mix 9M 2017 vs.

9M 2016 in EUR m

100.0%

Detergents Beverages

Finance Pharmacy Food

Business Services Cosmetics & Toiletries

Telecommunication Motor Vehicles Trade & Shipment

Total ⁸⁰⁵

34 86

208 207 75

66 29 -99

57 -54

27 93 -9

-54 -38

52 59 22 -59

31 -1

14.4%

12.9%

12.0%

11.0%

6.4%

5.9%

5.7%

5.0%

3.7%

3.6%

+6.8%

-0.7%

-4.2%

-3.3%

+8.6%

+3.9%

-10.3%

+9.0%

+11.0%

-0.4%

+0.3%

+2.0%pts +0.8%pts -1.9%pts +2.9%pts -0.2%pts +0.3%pts -2.6%pts

+1.7%pts -2.5%pts

+2.1%pts -0.5%pts in EUR m

10.134

1.461

1.306

1.216

1.120

647

593

573

510

379

362

(20)

GERMAN NET TV AD MARKET ESTIMATES FOR 2017

Source: Warc International Ad Forecast 2017 (November 2016); ZenithOptimedia Advertising Expenditure Forecasts (September 2017); Magna Global

(Broadcast TV, June 2017). 20

+1.5%

+1.0%

+2.9%

(21)

OUR FOCUS TOPICS

21

1 TV performance Distribution update

AdTech, data and addressable TV Advertising market

Digital commerce highlights

2

3

4

5

(22)

OUR NEW ADTECH AND DATA INITIATIVES

Note: Buzzbird is a minority investment. Buzzbird acquisition is signed, pending cartel authority approval. 22

Technology Data sources Products

AdTech infrastructure

Sales

Tech-enabled marketplaces

New

P7S1 TV data

Data cooperations &

partnerhips

• Retail Media Group

• Zalando

P7S1 Digital Entertainment &

Commerce data

New

Audience Driven Advertising

• Zalando cooperation Log-in partner alliance

Addressable TV SwitchIn

(23)

OUR DATA COOPERATIONS

ARE ENABLING NEW DIGITAL SALES PRODUCTS

1) Selected campaigns only. 23

Customer

Zalando data coop ¹⁾ Retail Media Group (RMG)

as new partner

Data segments used for targeting RMG assets Key data segments available for targeting

• Payment type

• Plus-sizes, shapewear and

• evening dresses

• Edgy individualist and luxury lover

SATURN MEDIA MARKT

THALIA

• Consumer electronics, TelCo, tech nerd and luxury lover

• Entertainment family

• Food, consumer electronics,

fashion smartshopper and

professionals

(24)

MAJOR BREAK-THROUGH WITH FIRST ADDRESSABLE TV AD SPOT BASED ON HBBTV EXISTING 1.5 STANDARD

24

Daytime, October 28, 2017

Two successful Spot Overlay cases on ProSieben MAXX: Spot retargeting

Johnson

&

Johnson

Access Prime, October 21, 2017

Delivering incremental reach for customers based on HbbTV 1.5

11.5m devices reachable with addressable TV, about half of them already with HbbTV 1.5

SATURN

MEDIA MARKT

(25)

| November 9, 2017 | 25

Addressable TV targeting options SevenOne Media products

Audience targeting

Geo targeting

Behavioral targeting

Branded Red Button

SwitchIn

Fullscreen Spot Overlay New

Successful pilot in Q4

2017

ATTRACTIVE ADDRESSABLE TV PORTFOLIO

+

(26)

OUR FOCUS TOPICS

26

1 TV performance Distribution update

AdTech, data and addressable TV Advertising market

Digital commerce highlights

2

3

4

5

(27)

WE MAINTAINED OUR LEADING POSITION IN THE GERMAN TV MARKET …

Basis: all German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h, RTL Mediengruppe since June 2016 incl. RTLplus, w/o RTL II minority;

source: AGF in cooperation with GfK/TV Scope/ProSiebenSat.1 TV Deutschland; note: excl. divested and discontinued channels. 27

Audience share (A 14-49; in %)

9M 2007 9M 2017

27.9 ^∆ 27.3

+0.6%

pts

25.5 26.7 ^∆

+1.2%

pts

(28)

Basis: all Austrian TV households, A 12-49, Mon-Sun, 3-3 h, RTL Mediengruppe including RTL, VOX, SUPER RTL and RTL Nitro (since 2015), without RTL plus (not aired in Austria) and RTL II minority, ORF including ORF 1, ORF 2, ORF SPORT PLUS and ORF III (since 2012); source: AGTT/GfK:

Fernsehforschung/Evogenius Reporting.

28

… AND ARE LEADER IN THE AUSTRIAN TV MARKET

Audience share (A 12-49; in %)

9M 2007 9M 2017

11.9 8.7

36.2 27.4 25.3

11.1 -24.3% ∆

pts

+2.1% ∆

pts

(29)

AUDIENCE SHARE LOSSES IN 2017 MAINLY TO SMALLER CHANNELS WITH LIMITED IMPACT ON TV ADVERTISING PERFORMANCE

Basis: viewer shifts vs. PYTD; January 1, 2011-October 31, 2017 vs. PYTD; A 14-49. Notes: Viewer shifts, w/o consideration of TV market and structural effects RTL: no viewer shift from P7S1 channels to core channels of RTL Group; DAS ERSTE: non-sports-effect; OTHER SMALL CHANNELS: incl. Sky, local public stations, DMAX, Disney and other small channels.

29

RTL GROUP

PUBLIC STATIONS OTHER SMALL

CHANNELS

Market share losses and wins [in %pts]

0.1 0.0 0.0

0.0 -0.2

-0.4

0.0 0.5 0.2

-1.2 RTL RTL2 VOX SUPER RTL NITRO RTL PLUS N-TV

DAS ERSTE ZDF

OTHERS

P7S1 GROUP _-1.1

(30)

TV REMAINS DOMINANT – PAYVOD ONLY 3%

OF DAILY VIDEO CONSUMPTION

Basis: A 14-69; source: Viewtime Report SevenOne Media/forsa; 2015-2017. 30

Broadest user universe (A 14-69) Video consumption (A 14-69)

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

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

13 9 5

95 93 93 91 95 95

90

75

71 68 66

74 71 71

59 59 61 60

72

67 69

21 21 23 24

29 31 30

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017

233 235 235 235 235 232 232

Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 TV

(incl. catch-up)

Pay VoD

30% PayVoD penetration only

translates to

~3% share of daily video consumption

TV consumption stable despite increasing broadest user universe of other

video services

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

(31)

STRONG PERFORMANCE OF ESTABLISHED LOCAL ENTERTAINMENT FORMATS

Basis: all German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h; source: AGF in cooperation with GfK/TV Scope/ProSiebenSat.1 TV

Deutschland. 31

Up to

15.7%

Reality

Up to

15.4%

Magazines

Enter-

tainment Comedy

Up to

17.5%

Up to

11.4%

Promi Big Brother Frühstücksfernsehen

Duell um die Welt Genial daneben

Q3 2017

audience

shares

(32)

BEST START SINCE 2012

Basis: 2.11.2017, all German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h; source: AGF in cooperation with GfK/TV

Scope/ProSiebenSat.1 TV Deutschland. 32

The Voice of Germany

Up to

25.2%

(Q4 2017)

(33)

TOP RATINGS OF US HIGHLIGHTS

Deutschland. 33

US series US films

Up to

20.2% 16.2%

16.0%

Up to

13.5%

THE BIG BANG THEORY THE MARTIAN

JACK REACHER GREY‘S ANATOMY

Q3 2017

audience

shares

(34)

WE HAVE BUILT A SUCCESSFUL PORTFOLIO OF SECOND TIER AND NICHE SPORTS

Basis: 01.01.2017-21.10.2017, all German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h; source: AGF in cooperation with GfK/TV

Scope/ProSiebenSat.1 TV Deutschland. 34

NFL

Up to

11.6%

DARTS

Up to

8.1%

ESPORTS

Up to

7.3%

SUPER BOWL 2017

Up to

44.8%

WRESTLING DRONE RACING MIXED MARTIAL ARTS BOXING

Up to

1.6%

Up to

3.7%

Up to

2.6%

Up to

7.9%

(35)

STRONG CONTENT LINE-UP FOR H1 2018

Deutschland. 35

NEW FORMATS

NEW SEASONS

Young Sheldon (Q1 2018)

Television

Start-up!

(H1 2018) Klaas Weekly Show

(H1 2018) Das Ding des Jahres

(Q1 2018)

Produced by Stefan

Raab

Criminal Minds (Q1 2018)

Up to

13.1%

Einstein (Q1 2018)

Up to

12.4%

Germany’s Next Topmodel (Q1 2018)

Up to

18.5%

Akte X (Q1 2018)

Up to

19.7%

(36)

RED ARROW’S SHARE OF OUR COMMISSIONED CONTENT SPENDING IS GROWING

1) As % of spendings in EUR; w/o non-fictional license. 2) Basis: all German TV households (German-speaking), A 14-49 years; source: AGF in

cooperation with GfK/TV Scope/ProSiebenSat.1 TV Deutschland. 36

The Taste

Season 5 with best start since 2014 [from October 11, 2017] ²⁾ Push our “own your grid” strategy

Red Arrow share of BCGS’s commissioned content spending [in %]

¹⁾

+3%

pts

15%

Q3 2016 LTM Q3 2017 LTM

12%

(37)

OUR FOCUS TOPICS

37

1 TV performance Distribution update

AdTech, data and addressable TV Advertising market

Digital commerce highlights

2

3

4

5

(38)

8.4M HD SUBSCRIBERS: FULLY ON TRACK TO REACH 2018 TARGET

Note: HD penetration based on total TV households in Germany (38.3m); source: Astra TV Monitor; note: HD Free-to-air subscribers Germany shown, paying subscriber figures as reported by platform partners (EoP; subject to subsequent adjustments by platform partners).

1) Q3 2017 vs. Q3 2016.

38

HD FTA subscriber development [in m]

6.9

9.2 Q3 2015 6.0

Q3 2014 CMD

target 2018 0.8

Q3 2016 Q3 2017 8.4

5.1 Q3 2013 Q3 2012

3.9 2.3

6.0% 10.2% 13.3% 15.7% 18.0% 21.9% 24.0%

HD penetration

¹⁾

Positive impact from DVB-T2 rollout resulting in increased HD subscriber growth

+1.5m

subscribers ¹⁾

+21%

• Distribution of HD signal via OTT:

Vodafone, Magine

• Starting in October

2017

(39)

NEW AND EXTENDED DEALS

DRIVING DISTRIBUTION BUSINESS

1) Source: Liberty Global, Quarterly Report 30^thJune 2017. 2) Source: die medienanstalten, “Digitalisierungsbericht 2017” (digitalization report) as of

August, 2017. 3) Source: ORF Medienforschung. 39

6.4m Cable-TV HH ¹⁾ 17.6m Sat-TV HH ²⁾ 2.1m Sat-TV HH ³⁾ Technical

reach

(40)

OUR FOCUS TOPICS

40

1 TV performance Distribution update

AdTech, data and addressable TV Advertising market

Digital commerce highlights

2

3

4

5

(41)

ACQUISITION OF JOCHEN SCHWEIZER CLOSED AFTER APPROVAL OF CARTEL AUTHORITIES

41

Leading in emotional experiences Leading in adrenalin experiences

Our two brands have a complimentary brand positioning and create a leading omnichannel experience platform

• Listed in >7,000 retail POS • Listed in > 5,000 retail POS

• 45 own retail brand stores

(42)

AMORELIE CONTINUES ITS STRONG GROWTH TRAJECTORY

42

Expansion of offline distribution:

Amorelie products in >1,900 dm stores Private label share: up to ~40%

Promising start of ‘Adventskalender’ sale:

+38% units sold than last year (YTD)

(43)

FLACONI ESTABLISHED

AS EXCLUSIVE PRODUCT LAUNCH PARTNER FOR INDUSTRY

1) Based on value in EUR, September YTD. 43

Flaconi is an important partner for the beauty industry

Example: Flaconi as main partner for JEAN-PAUL GAULTIER’s ‘Scandal!’ launch in Germany Top suppliers sell-in

¹⁾

[YoY; in %]

Coty

LVMH

Chanel >100

L’Oreal

>80 PUIG

>90

• Comprehensive pre-sales preparation

• Targeting

(44)

November 9, 2017

Outlook

Thomas Ebeling

Chief Executive Officer

(45)

OUR 2017 FINANCIAL OUTLOOK

45

Group revenue growth

Adjusted EBITDA

Adjusted net income

Financial leverage

Dividend pay-out ratio

mid-single digit increase (%)

slightly above prior year

1.5x-2.5x

80-90%

(46)

| November 9, 2017 | DTC: direct to consumer. 46

Group structure review

KEY TOPICS FOR CAPITAL MARKETS DAY 2017 ON DECEMBER 6, 2017 IN UNTERFOEHRING

1 2 3 4

M&A update

5 Update on DTC/platform strategy

Content and advertising 6

strategy

Media usage and advertising trends

Strategic considerations for production and commerce

Update on Media Alliance initiatives

7 AdTech strategy

8

(47)

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.

DISCLAIMER

47

(48)

(49)

November 9, 2017

Q3 2017

Back-up

(50)

BROADCASTING GERMAN-SPEAKING: REVENUES AND EARNINGS

AFFECTED BY INDICATED NEGATIVE TV ADVERTISING DEVELOPMENT

50

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

Q3 2017

Q3

2016 YoY 9M

2017

9M

2016 YoY Comments

Total revenues 488 496 -2% 1,590 1,575 1% TV ad revenues reflect softness of overall ad market as well as temporary share of advertising shifts to main competitor. Distribution revenues grew dynamically based on ongoing HD subscriber growth.

Strong DVB-T2 subscriber net additions (freenet.tv).

Ext. revenues 460 472 -3% 1,490 1,506 -1%

TV advertising 404 425 -5% 1,332 1,375 -3%

Distribution 37 30 23% 103 88 17%

Adj. EBITDA 143 147 -3% 488 479 2%

Adjusted EBITDA development in Q3

in line with revenues, impact from TV

ad revenue decline partly offset by

distribution and internal revenues

(51)

DIGITAL ENTERTAINMENT: CORE ADVOD BUSINESS REFLECTING OVERALL TOUGHER ADVERTISING MARKET ENVIRONMENT

51

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

Q3 2017

Q3

2016 YoY 9M

2017

9M

2016 YoY Comments

Total revenues 103 104 -1% 320 319 0% Revenue development affected by

further decline in Adjacent business and stagnation of VoD activities in Q3.

Continued growth of AdTech business as well as MCN Studio71. Maxdome performance negatively affected by revenue mix (growth in SVoD, decline in other revenues)

Ext. revenues 96 99 -3% 301 304 -1%

AdVoD 72 70 3% 223 198 13%

PayVoD 19 21 -9% 61 61 1%

Adjacent 5 8 -33% 17 26 -33%

Adj. EBITDA -2 4 n/m 3 19 -83% Reduced segment profitability due to revenue mix

+5%

organic

growth

9M YoY

(52)

DIGITAL VENTURES & COMMERCE: CONTINUED SOLID DOUBLE-DIGIT REVENUE AND EARNINGS GROWTH

52

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

Q3 2017

Q3

2016 YoY 9M

2017

9M

2016 YoY Comments

Total revenues 227 181 26% 687 494 39% Deconsolidation of etraveli in August 2017 (part of Online Travel vertical) more than offset by positive consolidation effects of Parship Elite and Windstar. Lifestyle Commerce with dynamic organic revenue growth mainly driven by Flaconi and Amorelie. SevenVentures with solid growth in line with previous quarters.

Ext. revenues 226 181 25% 683 483 42%

Online Dating 31 n/a n/a 92 n/a n/a

Online Price Comp. 26 23 13% 82 74 10%

Online Travel 74 92 -19% 229 233 -2%

Lifestyle Commerce 64 37 75% 186 85 121%

SevenVentures 31 29 5% 94 91 4%

Adj. EBITDA 48 40 20% 139 105 32% Segment profitability mirroring positive revenue development

+11%

organic

growth

9M YoY

(53)

CONTENT PRODUCTION & GLOBAL SALES: TEMPORARY VOLATILITY IN Q3 AGAINST STRONG PRIOR YEAR

53

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

Q3 2017

Q3

2016 YoY 9M

2017

9M

2016 YoY Comments

Total revenues 106 111 -5% 313 284 10%

Development in Q3 2017 mainly reflects temporary volatility of US content production business against strong comparable figures in prior year (>+30%).

Ext. revenues 93 100 -6% 261 240 9%

Adj. EBITDA 14 11 27% 35 27 31%

Continued solid segment profitability above targeted level

+4%

organic

growth

9M YoY

(54)

ETRAVELI DISPOSAL GAIN LARGELY OFFSET BY OTHER BALANCE SHEET EFFECTS IN Q3 2017

1) Especially brands. 54

[in EUR m] Q3 2017 Δ y-o-y

Revenues 883 +3%

Adjusted EBITDA 202 +0%

Reconciling items 79 n/a

EBITDA 281 +49%

Depreciation and amortization -108 >100%

Thereof adjustments -72 >100%

Operating result (EBIT) 174 +27%

Financial result -41 +19%

Thereof adjustments -21 +57%

Earnings before tax (EBT) 132 +30%

Net income 122 +80%

Adjusted net income 99 +1%

Thereof

• etraveli disposal gain of EUR 302m

• Program write-off U.S. content of -EUR 170m

• Reorganization maxdome of -EUR 18m

• M&A-related expenses of -EUR 12m Thereof

• Impairments of PPA assets ¹⁾ of -EUR 33m

• Impairments maxdome of -EUR 20m

• Shortened depreciation period campus of -EUR 4m

Thereof

• Interest on taxes of -EUR 12m

• Revaluation put option liabilities -EUR 7m

(55)

Q3/9M 2017 GROUP P&L

1) After reclassification of cash and cash equivalents of held-for-sale businesses in the travel portfolio. 55