Company presentation August 2021 - ProSiebenSat.1 Media SE

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Company presentation August 2021 - ProSiebenSat.1 Media SE
Company
presentation
August 2021
Company presentation August 2021 - ProSiebenSat.1 Media SE
AGENDA

1. Key Messages                       2. Financial Overview   3. Operational Review                   4. Strategy & Outlook

            © ProSieben/Willi Weber                                   © ProSieben/Stefan Gegorowius

                                                                                                                              2
Company presentation August 2021 - ProSiebenSat.1 Media SE
PROSIEBENSAT.1’S BUSINESS HAS RECOVERED
STRONGLY IN Q2 2021

    Diversified strategy based on three strong segments continues to pay off: Dynamic
    Group revenue growth of 48% to EUR 1,048m in Q2 2021 vs. Q2 2020. Record LTM
    Q2 2021 Group revenues of EUR 4,399m.

    Entertainment segment with significant recovery: Revenues reached 736m (+55%
    vs. Q2 2020) as the advertising market environment normalizes. Q2 2021 advertising
    revenues on pre-pandemic level.

    Commerce & Ventures achieved strong organic revenue growth of 18% with a
    broad-based recovery of most businesses; Dating segment benefiting from first-
    time consolidation of The Meet Group.

    Significant improvement of Group adjusted EBITDA by EUR 142m to EUR 166m
    alongside recovery of advertising business. Adjusted net income improved by EUR
    114m to EUR 63m in Q2 2021. Our cash flow, net debt and financial leverage
    improved significantly and sustainably.

    Consequently, and considering a solid economic environment in the German-speaking
    markets, we have increased our financial targets for FY 2021.

                                                                                         3
Company presentation August 2021 - ProSiebenSat.1 Media SE
COVID-19 AND MACRO INDICATORS REVEAL STRONG
MARKET RECOVERY, ESPECIALLY IN Q2 2021

COVID-19 KPIS ARE IMPROVING RAPIDLY, WHILE MACRO INDICES INCREASED

Completed COVID-19 vaccinations, Germany                              New COVID-19 cases, Germany
 In %                                                                  In million
 60                                                                   0.8
                                                                      0.6
 40
                                                                      0.4
 20
                                                                      0.2
  0                                                                   0.0
   01/21      03/21   05/21           07/21                              01/20      07/20    01/21       07/21

IFO business expectations index                                       Markit Germany Service PMI index

 Last price                                                            Last price
 110                                                                  70
100
                                                                      50
 90
                                                                      30
 80
 70                                                                    10
  01/20       07/20    01/21              07/21                          01/20      07/20    01/21       07/21

                              Source: Bloomberg as of July 31, 2021                                              © SAT.1/Andrew Ferraro/LAT Images   4
Company presentation August 2021 - ProSiebenSat.1 Media SE
DYNAMIC GROUP REVENUE INCREASE OF +48% TO EUR 1,048M IN Q2 2021 VS. Q2 2020 -
ADVERTISING BUSINESS BIGGEST GROWTH CONTRIBUTOR

External Revenues                   +48%                                                   +55%                                                 >+100%                                                    -2%
Growth YoY
[in EUR m]
                                                1,048

                           709                                                                          736

                                                                                  476

                                                                                                                                                               139                              176               172
                                                                                                                                          58
External Revenues
[in EUR m]
                        Q2 2020       Q2 2021
                            Group revenues                                   Q2 2020        Q2 2021
                                                                                  Entertainment                                     Q2 2020 DatingQ2 2021                                   Q2 2020 & Ventures
                                                                                                                                                                                             Commerce  Q2 2021

                                 Group                                        Entertainment                                                    Dating                             Commerce & Ventures
Organic Growth YoY                                                                                                                             -2%
                                    +44%                                                   +58%                                                                                                          +18%
[in EUR m]                                                                                                                                +5% pro-forma

                     • All segments contributed                        • Strong recovery of TV and                            • Strong reported growth                               • Broad-based revenue
                       to Group revenue growth                             digital ad business                                    driven by first-time                                   growth of C&V businesses
                     • Highest second-quarter                          • Content business up                                      consolidation of The Meet                          • COVID-19-impacted
                       revenues in Group history                           strongly, Distribution                                 Group                                                  businesses have started
                                                                           growth continues                                   • Matchmaking about flat                                   to recover

                          Note: Organic = adjusted for portfolio and currency effects; Pro-forma = on the basis of the segment’s revenues adjusted for portfolio and currency effects, the revenues of The Meet
                          Group and its revenues adjusted for currency effects in the previous-year quarter are included here                                                                                           5
Company presentation August 2021 - ProSiebenSat.1 Media SE
AGENDA

1. Key Messages                       2. Financial Overview   3. Operational Review                   4. Strategy & Outlook

            © ProSieben/Willi Weber                                   © ProSieben/Stefan Gegorowius

                                                                                                                              6
Company presentation August 2021 - ProSiebenSat.1 Media SE
STRONG GROUP REVENUE GROWTH DRIVEN BY
RECOVERY OF ADVERTISING BUSINESS IN Q2 2021
EXTERNAL REVENUES: GROUP & SEGMENTS
[in EUR m]
                                                                                                                                             Comments
                                                                                                                                   • Strong recovery of Group revenues,
                  Q2 2021            Q2 2020                 YoY             H1 2021              H1 2020                   YoY      highest second-quarter revenues in Group
                                                                                                                                     history.

 Group             1,048                 709               +48%                 1,986                1,634              +22%       • Entertainment        segment     revenue
                                                                                                                                     performance      reflects  recovery   of
 Organic            964                   668               +44%                 1,817               1,548                  +17%     advertising business following COVID-19
                                                                                                                                     impacted quarter the year before. DACH
  Entertainment      736                  476               +55%                1,346                 1,139                 +18%     advertising revenues grew +57% in Q2.

                                                                                                                                   • Content business more than doubles its
  Organic            736                 466                +58%                1,346                 1,117                 +21%     revenues in Q2 2021 with biggest
                                                                                                                                     contributions from Production business.
  Dating             139                   58             >+100%                 280                   117            >+100%
                                                                                                                                   • Continuing    growth    of    Distribution
  Organic             55                   56                 -2%                  111                 113                  -2%      business mainly due to       positive HD
                                                                                                                                     subscriber development.
  Pro-forma          139                  132                +5%                 280                   236                  +19%
                                                                                                                                   • Dating segment benefits from first-time
  Commerce &                                                                                                                         consolidation of The Meet Group. Strong
                     172                  176                 -2%                360                  378                   -5%      pro-forma revenue growth in H1 2021.
  Ventures
  Organic            172                  147               +18%                 360                   318                  +13%   • Commerce & Ventures segment grows
                                                                                                                                     strongly by +18% organically in Q2 2021,
                                                                                                                                     reported revenues reflect deconsolidation
                                                                                                                                     of WindStar Medical.
                   Note: Organic = adjusted for portfolio and currency effects; Pro-forma = on the basis of the segment’s
                   revenues adjusted for portfolio and currency effects, the revenues of The Meet Group and its revenues
                   adjusted for currency effects in the previous-year quarter / half-year are included here                                                                   7
Company presentation August 2021 - ProSiebenSat.1 Media SE
ADJUSTED EBITDA INCREASED MORE THAN
SEVENFOLD IN Q2 2021
ADJUSTED EBITDA: GROUP & SEGMENTS
[in EUR m]
                                                                                          Comments
                                                                               • Group adjusted EBITDA increases more
                       Q2 2021   Q2 2020    YoY     H1 2021   H1 2020   YoY      than sevenfold to EUR 166m.

                                                                               • Profitability of Entertainment segment
Group                    166       23      >+100%    308       180      +71%     strongly benefits from recovery of
                                                                                 advertising business. However, adjusted
                                                                                 EBITDA       drop-through  also  reflects
                                                                                 increased program spend in both Q2 2021
   Entertainment         142        3      >+100%    239        145     +65%
                                                                                 and H1 2021 to further strengthen
                                                                                 Entertainment business and reach of our
                                                                                 content.
   Dating                28        16       +81%      61        31      +95%
                                                                               • Dating      segment      adjusted   EBITDA
                                                                                 increases meaningfully due to first-time
   Commerce &                                                                    consolidation of The Meet Group. On pro-
                          2        9        -71%      19        15      +31%
   Ventures                                                                      forma basis, i.e. including The Meet Group
                                                                                 in the prior year, segment profitability
   Reconciliation                                                                reflects slight change in business mix with
                         -7        -3      >+100%     -11       -11     -1%
   (Holding & other)                                                             higher contributions of The Meet Group.

                                                                               • Commerce & Ventures segment reflects
                                                                                 deconsolidation of WindStar Medical in Q2
                                                                                 2021 (EUR 5m) and H1 2021 (EUR 10m).
                                                                                 Segment adj. EBITDA margin improved by
                                                                                 about 1%pt in H1 2021.

                                                                                                                           8
GROUP NET EARNINGS UP ALONG WITH OPERATING
PROFITABILITY – POSITIVE IMPACT FROM ABOUT YOU
EBITDA EBIT, NET INCOME, ADJ. NET INCOME, ADJ. OPERATING FCF
[in EUR m]
                                                                                                                Comments
                                                                                                     • Reported EBITDA also increases more
                    Q2 2021            Q2 2020                  YoY     H1 2021   H1 2020    YoY       than sevenfold – about in line with
                                                                                                       adjusted EBITDA.

EBITDA                  151                   21               >+100%    289        166     +74%     • EBIT        development   meaningfully
                                                                                                       benefiting from Group adjusted EBITDA
                                                                                                       improvement and turning positive again
                                                                                                       after loss in Q2 2020.
EBIT                    83                   -35                n/a       163       45      >+100%
                                                                                                     • Reported Net Income increased strongly
                                                                                                       primarily     due   to    better operating
Net income1)           123                   -54                n/a      189        -17      n/a       profitability as well as a gain of 60 million
                                                                                                       Euros, recognized in other financial result,
                                                                                                       resulting from the ABOUT YOU placement
Adjusted                                                                                               and the remeasurement of the remaining
                        63                   -52                n/a      100        7       >+100%
net income1)                                                                                           shares held by SevenVentures.

Adjusted                                                                                             • Adjusted Net Income and Adjusted
                        87                    14               >+100%     169       33      >+100%
operating FCF                                                                                          Operating FCF also strongly up along with
                                                                                                       better operating profits.

                     1) Attributable to shareholders of P7S1                                                                                       9
WE ARE ON TRACK TO REACH OUR FINANCIAL LEVERAGE TARGET

NET FINANCIAL DEBT
[in EUR m]                                                                                                  Debt profile [in EUR m]                                            06/21               12/20                 06/20     Maturity
                                                                                                             Senior Notes                                                       n/a                 600                   600       Jan-21
                           -197
                                                                                                             Term Loan                                                           151                  151                  151      Apr-23
                                                                                                             RCF (74m of 750m)                                                                                             35       Apr-23
               3.6x1)
                                   2.8x1)                                                                    Promissory Loans                                                   275                  275                  275      Dec-23
       2,353                                                           2.6x1)
                                                                                                             Term Loan                                                         1,949                1,949                1,949     Apr-24
                                                          2,156
                          1,968                                                                              RCF (676m of 750m)                                                                                           315      Apr-24
                                                                                                             Promissory Loans                                                   225                  225                  225      Dec-26
                                                                                                             Other loans and borrowings2)                                        (6)                  (8)                  (8)      Misc.

                                                                                                             Total gross debt                                                 2,594                3,192                 3,542
                                                                                                             Cash and cash equivalents                                         (438)              (1,224)                (1,190)
                                                                                                             Total net debt                                                    2,156               1,968                 2,353

                                                                                                          • Strong cash generation in past twelve months leads to net financial debt
                                                                                                               reduction by EUR 197m to EUR 2,156m at the end of Q2 2021 vs. Q2 2020
                                                                                                               despite dividend pay-out of EUR 111m in June 2021
                                                                                                          • Meaningful improvement of leverage factor with a reduction to 2.6x at the
    06/30/2020          12/31/2020                   06/30/2021                                                end of Q2 2021 compared to factor 3.6x at the end of Q2 2020
                                                                                                          • Significant reduction of gross debt due to repayment of EUR 600m senior
                                                                                                               notes in January 2021

                            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                                                                                                                                                                           10
AGENDA

1. Key Messages                       2. Financial Overview   3. Operational Review                   4. Strategy & Outlook

            © ProSieben/Willi Weber                                   © ProSieben/Stefan Gegorowius

                                                                                                                              11
ENTERTAINMENT | TV ADVERTISING MARKET RAPIDLY
RECOVERING FROM THE PANDEMIC

NIELSEN GROSS ADVERTISING REVENUES BY MEDIUM, GERMANY

  H1 2021 spend in EUR bn                                    Q2 2021 vs. PY         H1 2021 vs. PY

    TV                                   7.4                              27%                      10%

  Print                  3.9                                         6%                 -4%

Online             2.1                                                 16%                     6%

  OOH        1.0                                                          25%                 1%

 Radio       0.8                                                       16%              -6%

Cinema 0.1                                              -95%                    -100%

                               Source: The Nielsen Company                                               © SAT.1
                                                                                                           ProSieben/Willi Weber   12
ENTERTAINMENT | SIGNIFICANT IMPROVEMENT IN
MOST GERMAN TV ADVERTISING INDUSTRIES

TOP 15 TV ADVERTISING INDUSTRIES, YOY CHANGE IN GROSS AD SPEND1)

   H1 2021 spend in EUR bn                                         Q2 2021 vs. PY                                     H1 2021 vs. PY

  Cosmetics + Toiletries                          1.0                                      64%                                         33%
               Services                         0.9              -8%                                             -10%
                  Food                         0.9                                          67%                                    22%
     Retail + Mail-Order                0.6                                             50%                                            30%
  Health Care + Pharma                  0.5                                      26%                                          7%
           Automotive               0.4                                                               189%                             35%
             Beverages            0.3                                                           84%                                     42%
  Telecommunications              0.3                                               36%                                           9%
       Home + Garden              0.3                                                    54%                                       22%
               Finance            0.3                              -3%                                          -17%
              Cleaning           0.3                                0%                                                        8%
     Textiles + Clothing    0.2                                             4%                                               4%
     Computer + Office      0.1                                                           58%                                            51%
           Gastronomy      0.1                                                                    90%                             18%
   Personal Accessories    0.1                                                     30%                                             24%

                                  1) Based on TV gross ad spend, excl. media and other advertising, Source: The Nielsen Company                © ProSieben/Stefan Gegorowius   13
ENTERTAINMENT | STRONG CATCH-UP EFFECT OF
P7S1’S ADVERTISING REVENUES IN Q2 2021

ENTERTAINMENT DACH ADVERTISING REVENUES, CHANGE YOY IN %1)

   +80%

   +60%                                                                                                     +57%

   +40%

   +20%
                                                                    +3%
      0%
              -5%                              -6%
    -20%                                                                                -16%
    -40%                  -37%
    -60%
            Q1 2020      Q2 2020           Q3 2020              Q4 2020               Q1 2021             Q2 2021

 • Strong improvement of Entertainment advertising revenues in Q2 (+55% worldwide)
   which more than compensated Q1 results (-14% worldwide)

 • H1 2021 Entertainment advertising revenues up by +14% (worldwide)

 • Positive trend continues in July, mainly driven by food, pharma and service industries

                            1) DACH = Germany, Austria, Switzerland; excluding SevenVentures and Seven Growth advertising revenues   © ProSieben/Richard Hübner   14
ENTERTAINMENT | PROSIEBENSAT.1 IS LEADING THE
GERMAN TV MARKET

NIELSEN GROSS ADVERTISING                                        AUDIENCE SHARE
REVENUE SHARE, LTM Q2 20211)                                     A 14-49, LTM Q2 20212)

     ProSiebenSat.1 Group: 37.6%                                          ProSiebenSat.1 Group: 26.2%

                 Other
      ARD/ZDF                         Seven.One                               Other
                 7.8%                 Media                                                            10.1%
        Sky 3.5%                                                                     19.9%
            4.1%                                                                                                7.7%
Discovery
          6.3%                 37.6%
                                                                  RTL 2 5.0%                                        4.3%
El Cartel 6.5%                                                                                                       4.1%
                                                                ARD III 6.1%

                                                                                  9.0%
                                                                                                             23.8%
                                                                          ZDF
                  34.2%                                                                    9.9%                       RTL Group
                          Ad Alliance                                                  ARD

                             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; RTL
                             Mediengruppe since June 2016 incl. RTLplus and without RTL 2 minority                                          © SAT.1   15
ENTERTAINMENT | CONTINUING CONSISTENT LOCAL
CONTENT STRATEGY TO MAINTAIN LONG-TERM REACH

MAIN ACHIEVEMENTS IN Q2 2021

               We further invest in attractive and relevant content to strengthen our reach
               across all platforms:
               • Focus on live content e.g., German First and Second soccer league Bundesliga,
                 Formula E, U21 EURO, Schlag den Star
Local & live   • Successful lighthouse shows e.g., most successful Germany’s Next Topmodel
content          By Heidi Klum season in 12 years, Stealing the Show
               • Expansion of Factual & Public Value content e.g., Jenke.Crime
               • Share of local content hours already increased by +16% in Q2 2021 vs. PY1)
               Outlook: Further increase of local slots in channel grids e.g., switch to local in
               Monday Prime Time on ProSieben (Zervakis & Opdenhövel. Live.)

               • Sale of new advertising Total Video based on CFlight2) started in July with
                 strong interest from agencies and clients
Advertising    • d-force, the joint venture of RTL and P7S1 for addressable TV, now provides for
                 the first time a solution for programmatic addressable TV spot in the German-
                 speaking advertising market

               • Focus on unique local and live content pays off with Distribution revenues
Distribution
                 growing at 9% in Q2 2021 vs. PY

                           1) SAT.1 and ProSieben Prime Time; 2) CFlight ® NBC Universal Media, LLC   © SAT.1   16
ENTERTAINMENT | TV IS GETTING MORE DIGITAL – UNIQUE
COMBINATION OF PROPRIETARY INVENTORY, TECH & DATA

CONVERGENT LINEAR AND DIGITAL INVENTORIES

                                        Addressable TV / VoD
      Linear TV                                                                                               Convergent video
                                 HbbTV                               Digital video

       61m                      12m                                       11m                               Convergent video
                                                                                                           advertising products
     TV devices1)           TV devices2)                            Unique Users3)                         across TV and Digital

 • All TV devices       • Based on tech                       • TV websites & apps                         • Total Video – based
 • Linear TV ads          standard HbbTV                      • Joyn                                         on CFlight4)
                        • Addressable TV ads                  • Digital video ads                          • Cross-device,
                        • Efficient targeting                   and subscription                             bookable across
                          options                                                                            marketers via d-
                                                              • First party data &
                                                                                                             force
                                                                7Pass

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

                            1) Basis: Total TV sets in Germany, Source: Digitalisierungsbericht Medienanstalten/Kantar 2020; 2) Basis: Connected
                            TVs with HbbTV and P7S1 linear TV usage; Source: P7S1 tracking and own calculation 2021; 3) Basis: A 16+, Ø Q1 2021,
                            TV websites (incl. ran & Galileo) and JOYN; Source: AGOF Daily Digital Facts/P7S1; no AGOF data available since 12.04.;
                            4) CFlight ® NBC Universal Media, LLC                                                                                     © ProSieben/Stefan Gegorowius   17
DATING | SUCCESSFUL VPAAS COMMERCIALIZATION
TO SUPPORT FUTURE SEGMENT DEVELOPMENT

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

                                                                                                      vPaaS used or in
         Technology         Moderation                   Talent                                    development by eight
         Continued          500+ human                   Management                                  brands, including:
         investments in     moderators                   30-person
         software           combined with                team to recruit
         improvements       sophisticated                emerging
         & new features     AI                           talents

         Formats            Monetization                 Audience
         Constantly         Gifting to                   1.2 m
         developing         streamers                    broadcasters
         new formats to     based on                     and 8.9 m
         engage the         in-app coin                  viewers per
         audience           purchases                    month

DATING SEGMENT RESULTS ON TRACK

 LTM Revenues                                                    LTM adjusted
                                  +22%
 (pro-forma)                                                     EBITDA (pro-forma)
                                          553                    [in EUR m]
 [in EUR m]               453                                                                                         +27%
                                                                                                                98              124

                          Q2 20          Q2 21                                                               Q2 20             Q2 21

                            Note: Dating segment LTM revenues (pro-forma) including pro-forma figures for The Meet Group for the
                            periods prior to first-time consolidation (September 2020) translated at the exchange rates used in the
                            corresponding ProSiebenSat.1 Groups financial statements                                                   18
COMMERCE & VENTURES | STRONG RECOVERY DRIVEN
BY REBOUND OF CORONA-IMPACTED BUSINESSES

COMMERCE & VENTURES ORGANIC REVENUES, CHANGE YOY IN %1)

   +20%                                                                                                  +18%

                                                                                    +10%
   +10%                                                         +9%
            +7%

     0%
                                            -1%

                       -5%
    -10%
           Q1 2020   Q2 2020           Q3 2020              Q4 2020               Q1 2021             Q2 2021

 • Improved double-digit % organic revenue growth of Commerce & Ventures in Q2
   2021 which is strongly driven by rebound of Corona-impacted companies
   regaining positive momentum, for example:
     • SilverTours with +68% rental car booking2) increase vs. Q2 2020
     • Advertising business with +42% revenue growth vs. Q2 2020

                        Note: Organic = adjusted for portfolio and currency effects;
                        1) Q1-Q4 2020 change YOY on the basis of unaudited segment figures for comparison quarters 2019 due to new
                        segment structure since 01/01/2021; 2) Before cancelation                                                    19
COMMERCE & VENTURES | FOUR SUCCESSFUL
INVESTMENTS IN Q2 2021

  SEED & EARLY STAGE                          EARLY & GROWTH                                         STRATEGIC GROWTH

                         follow-on                                              follow-on                               new deal

M4E and M4R Follow-on
deal with leading                      Follow-on M4E deal with                                   Cash and M4E deal with
provider of children’s                 leading marketplace for                                   leading European sports
smart watches                          smart home products                                       and wellbeing platform

                                                                                new deal

                                       M4E deal with UK-based
                                       addressing technology
                                       company what3words
                                       that provides a simple
                                       and precise way to
                                       communicate location

                   2021: SUCCESSFUL ABOUT YOU IPO UNDERPINS VALUE OF M4E MODEL
• SevenVentures as first external investor of ABOU YOU in 2016, supporting topline growth and
  brand awareness as part of a large Media-for-Equity investment over 5 years
• Shareholding: ~3%1) pre IPO, currently ~1.4% post execution of over-allotment option

                              1) Stake of SevenVentures prior to the ABOUT YOU IPO and capital increase                            20
AGENDA

1. Key Messages                       2. Financial Overview   3. Operational Review                   4. Strategy & Outlook

            © ProSieben/Willi Weber                                   © ProSieben/Stefan Gegorowius

                                                                                                                              21
STRATEGY | GROUP PROFILE INCREASINGLY DETERMINED BY STRUCTURALLY
GROWING BUSINESSES - DEPENDENCY ON TV AD BUSINESS REDUCED FURTHER

ENTERTAINMENT                                      Group revenues, Group revenue split                           ENTERTAINMENT
 • Operates leading Entertainment platforms                 LTM Q2 2021, in %
                                                                                                                 COMMERCE &
   in linear and digital by leveraging synergies                                                                 VENTURES
   with own production and distribution house
                                                                                Advertising DACH
 • TV channels and online platforms generate                                                                     DATING
   advertising as well as subscription revenues                   11%     45%
 • Platform-independent approach to match
   changing consumer preferences and achieve                                             Distribution, Content
   long-term revenue and earnings growth                                                 and Other
                                                                                  23%
                                                      21%
                                                          PROSIEBENSAT.1
                                                             GROUP
DATING                                                                                               COMMERCE & VENTURES

 • Leading mobile-first global player in the
                                                            EUR 4,399m                                • Focuses on investments in digital
                                                             (LTM Q2 2021)                              companies in consumer-oriented
   dating business
                                                                                                        markets; from early stage to more
 • Focuses on building an ecosystem across                                                              mature
   social entertainment, online dating and          11%                                               • Concentrates on investments that
   matchmaking
                                                                                                        have strong synergies with the
 • Leverages synergies within Dating and with                       23%                                 Entertainment business
                                                                  21%
   Entertainment (cross-selling between brands,
                                                                                                      • Online assets that provide long-
   technologies and platform scaling, data
                                                                                                        term structural growth potential
   synergies, etc.)

                                                                                                                                       22
STRATEGY| REVENUES AND ADJ. EBITDA OF DATING AND COMMERCE & VENTURES
BUSINESS HAD STEADILY INCREASED – ENTERTAINMENT WITH CATCH-UP POTENTIAL

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

                CAGR: +4%
                                        CAGR: +18%
                                                                 4,399
              4,135               4,047                                                                                                     872
                                                                  9271)                                                                                                                                   834
              9101)                                                                                                                         1162)
                                   9451)
                                                                                                                                             44                                                           882)
              209                                                  497                                                                                                     706
                                    333                                                                                                                                                                    110
                                                                                                                                                                           842)
              3,016               2,768                          2,975                      Entertainment
                                                                                                                                            774                             80
                                                                                            Dating                                                                                                         655
                                                                                            Commerce & Ventures
                                                                                            Reconciliation                                                                      561
                                                                                                                                             -62                        -19                                -19
            FY 2019             FY 2020                    LTM Q2 2021
                                                                                                                                         FY 2019                        FY 2020                    LTM Q2 2021

• LTM Q2 2021 Entertainment revenues already close to FY 2019 level.                                               • LTM Q2 2021 adjusted EBITDA of Entertainment segment reflects
  However, DACH advertising revenues still >EUR 100m below FY                                                          different mix compared to FY 2019 as well as negative impact of
  2019 which has largely been compensated by Content and Studio71                                                      COVID-19 related decline of advertising revenue in Q1 2021
  business
                                                                                                                   • Adj. EBITDA of Dating and Commerce & Ventures combined has
• CAGR vs. FY 2019 supported by increasing share of Dating revenues                                                    increased by EUR 38m vs. FY 2019

                            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 54m (LTM Q2 2021); 2) Includes adjusted EBITDA of WindStar Medical of EUR 17m (FY 2019), EUR 18m (FY 2020) and EUR 8m (LTM Q2 2021)                                           23
FINANCIAL OUTLOOK | WE HAVE INCREASED OUR FINANCIAL TARGETS FOR FY 2021

                          FY 2020                                FY 2021 target                                                                                      Comment
                                                                                                                   • Target takes DACH advertising revenue development in the range
                                                                                                                       of +3% (previously: -2%) to +7% (previously: +4%) in 2021 into account
                                                            EUR 4,400 – 4,500m                                     • Portfolio- and currency-adjusted revenue growth in the range of
Group revenues           EUR 4,047m
                                                (Previous target: EUR 4,250 - 4,450m)                                  +9% (previously: +5%) to +11% (previously: +10%)
                                                                                                                   •   Previous-year figure of EUR 4,055m (adjusted for currency and
                                                                                                                       portfolio effects)1)
                                                       ~EUR 820m (+/- EUR 20m)                                     • Previous-year figure of EUR 708m (adjusted for currency and
Adjusted EBITDA          EUR 706m
                                                   (Previous target: EUR 750 - 800m)                                   portfolio effects)2)

                                                 At least mid-double-digit million
Adjusted
                         EUR 424m
                                                  Euro increase vs. previous year                                  • Corrected for the change of investments in relation to the
Operating FCF                                (Previous target: mid-double-digit million                                construction of the new campus at the premises in Unterföhring
                                              Euro range around previous year figure)

P7S1 ROCE3)                 10%                                          >10%
                                                                                                                   • Mid-term target for ProSiebenSat.1 ROCE of ≥15% - to be achieved
                                                                                                                       through strict application of investment policies

                                                                         ≤2.5x                                     • General financial leverage target range of 1.5 – 2.5x
Financial   leverage4)      2.8x            (Previous target: slightly above or at upper                           • Subject to business performance and excluding portfolio changes,
                                                       end of target range)                                            previous target at or above upper end

Dividend                  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)                           24
SUMMARY | PROSIEBENSAT.1 WILL CONTINUE TO
FOLLOW ITS PATH TOWARDS PROFITABLE GROWTH

    ProSiebenSat.1 has a unique business model and is much more than a pure media
    company by combining Entertainment, Dating and Commerce assets that together
    deliver above-average growth.

    All segments are set for further expansion and realization of meaningful synergies,
    particularly resulting from advertising support of portfolio assets. Diversified Group
    revenue and earnings profile secures resilience of the business during pandemic.

    Focus remains on improvement of operating profitability and cash generation,
    reduction of net financial debt and increase of ROCE to above 15%. This
    combination will create significant value for all stakeholders and will support us in
    our development to a digital group.

                                                                                             25
Appendix
GROUP P&L

[in EUR m]                                                     Q2 2021                       Q2 2020       YoY     H1 2021   H1 2020    YoY

Revenues                                                         1,048                              709   +48%      1,986     1,634    +22%
Adjusted EBITDA                                                    166                              23    >+100%    308       180       +71%
  Reconciling items                                                 -15                             -2    >+100%     -19       -14      +41%
EBITDA                                                              151                             21    >+100%    289        166     +74%
  Depreciation, amortization and
                                                                   -68                              -57    +19%     -126       -121     +4%
  impairments
     Thereof PPA                                                    -14                             -11    +25%      -28       -27      +5%
Operating result (EBIT)                                             83                              -35    n/a      163        45      >+100%
  Financial result                                                  54                              -33    n/a       46        -70      n/a
     Thereof interest result                                        -14                             -17    -18%      -23       -32      -30%
     Thereof "at equity" result                                     -10                             -15    -36%      -23       -28      -19%

Result before income taxes (EBT)                                   137                              -68    n/a      209        -26      n/a

Net income1)                                                       123                              -54    n/a      189        -17      n/a
Adjusted net income1)                                               63                              -52    n/a      100         7      >+100%
Net financial debt                                                2,156                         2,353      -8%

                          1) Attributable to shareholders of P7S1
                          Note: Net financial debt as of 06/30/2021 respectively as of 06/30/2020                                               27
ENTERTAINMENT BUSINESS HAS BENEFITED GREATLY
FROM RECOVERY IN THE ADVERTISING MARKET
EXTERNAL REVENUES AND ADJUSTED EBITDA
[in EUR m]
                                                                                                                         Comments
                                                                                                               • Advertising business both in DACH region
                     Q2 2021            Q2 2020                  YoY                H1 2021   H1 2020   YoY      as well as globally benefited from
                                                                                                                 significant recovery following pronounced
                                                                                                                 decline in COVID-19-impacted Q2 2020.
External Revenues      736                   476               +55%                  1,346     1,139    +18%
                                                                                                               • Distribution business continued its steady
Organic                 736                  466               +58%                  1,346     1,117    +21%     revenue growth particularly driven by
                                                                                                                 further increase in HD subscribers.
   Advertising          542                  350                +55%                 983       860      +14%
                                                                                                               • Revenues of Content business also
     DACH              483                   308               +57%                  874       773      +13%     increased dynamically as Production
                                                                                                                 business normalizes post lockdown in key
                                                                                                                 markets U.S., U.K. and Germany.
     Rest of World       59                   42                +41%                 108        87      +24%
                                                                                                               • Other Entertainment revenues mirror
                                                                                                                 deconsolidation of myLoc – underlying
   Distribution          46                   42                 +9%                  90        83      +9%
                                                                                                                 revenue development positive.

   Content              124                   60             >+100%                  227        145     +56%

   Other                 24                   24                 +2%                  47        51      -9%

Adjusted EBITDA         142                    3             >+100%                  239        145     +65%

                      Note: Organic = adjusted for portfolio and currency effects                                                                        28
DATING SEGMENT BENEFITS FROM FIRST-TIME
CONSOLIDATION OF TMG AND ITS LIVE VIDEO BUSINESS
EXTERNAL REVENUES AND ADJUSTED EBITDA
[in EUR m]
                                                                                                                                               Comments
                                                                                                                                     • Dating segment revenues primarily
                    Q2 2021            Q2 2020                 YoY             H1 2021              H1 2020                   YoY      increase due to first-time consolidation
                                                                                                                                       effect resulting from The Meet Group
                                                                                                                                       acquisition.
External Revenues      139                   58            >+100%                  280                   117            >+100%
                                                                                                                                     • Matchmaking revenues developed about
Organic                 55                   56                -2%                   111                 113                  -2%      stable reflecting somewhat tougher
                                                                                                                                       comparable figures at beginning of
Pro-forma              139                  132                +5%                 280                  236                   +19%     COVID-19 pandemic. At the same time,
                                                                                                                                       long lockdown had a negative impact on
                                                                                                                                       matchmaking business in Q2 2021 and H1
Adjusted EBITDA         28                   16               +81%                   61                   31              +95%         2021.

                                                                                                                                     • Weaker U.S. dollar burdened reported
                                                                                                                                       revenues resulting from Dating business
                                                                                                                                       in the United States (about 65% of
                                                                                                                                       segment revenues in H1 2021).

                                                                                                                                     • Pro-forma     currency-adjusted   revenue
                                                                                                                                       growth, i.e. including contributions from
                                                                                                                                       The Meet Group in prior year, amounted to
                                                                                                                                       +19% in H1.

                     Note: Organic = adjusted for portfolio and currency effects; Pro-forma = on the basis of the segment’s
                     revenues adjusted for portfolio and currency effects, the revenues of The Meet Group and its revenues
                     adjusted for currency effects in the previous-year quarter / half-year are included here                                                                 29
COMMERCE & VENTURES SEGMENT WITH STRONG
ORGANIC GROWTH OF +18% IN Q2
EXTERNAL REVENUES AND ADJUSTED EBITDA
[in EUR m]
                                                                                                                             Comments
                                                                                                                   • Commerce & Ventures segment delivered
                         Q2 2021            Q2 2020                  YoY                H1 2021   H1 2020   YoY      stable revenue performance in Q2 2021.
                                                                                                                     This takes into account deconsolidation of
External Revenues           172                  176                 -2%                 360       378      -5%      WindStar Medical (EUR 29m). On a
                                                                                                                     portfolio and currency adjusted basis
                                                                                                                     segment revenues improved strongly by
Organic                     172                  147                +18%                 360        318     +13%
                                                                                                                     +18%. In H1 2021, revenues reflect EUR 61m
                                                                                                                     deconsolidation     effect   of   WindStar
   Advertising               34                   24               +42%                   65        56      +15%     Medical.

   NuCom Group              138                   151                -8%                 294       320      -8%    • Double-digit % revenue growth of
                                                                                                                     advertising  business   supported   by
                                                                                                                     recovery of SevenVentures business and
    Consumer Advice          41                   36                +15%                  92        97      -6%      continuing growth of marktguru and
                                                                                                                     wetter.com.
     Experiences              9                    10               -12%                  20        25      -20%
                                                                                                                   • Consumer Advice has partly recovered
                                                                                                                     from meaningfully impacted business in
    Beauty & Lifestyle       88                  105                -16%                  182       198     -8%      prior year due to COVID-19 pandemic
                                                                                                                     (especially billiger-mietwagen.de).
   Other                      1                     1               -34%                   1        2       -24%
                                                                                                                   • Beauty & Lifestyle vertical again growing
                                                                                                                     strongly on like-for-like basis. However,
Adjusted EBITDA               2                    9                -71%                  19        15      +31%     growth of Flaconi somewhat lower due to
                                                                                                                     strong comparable figures in Q2 2021.

                          Note: Organic = adjusted for portfolio and currency effects                                                                        30
GROUP AND SEGMENT REVENUE BREAKDOWN Q2 2021 VS. Q2 2020

EXTERNAL REVENUES
[in EUR m]
                                                            Entertainment                                Dating        Commerce & Ventures      Total Group
                                                       Q2 2021               Q2 2020             Q2 2021     Q2 2020    Q2 2021   Q2 2020    Q2 2021   Q2 2020
 Advertising                                               542                  350                                       34        24        576        374
     DACH1)                                                483                  308                                       34        24         517       332
     Rest of the World                                      59                   42                                                            59         42
 Distribution                                               46                   42                                                            46         42
 Content                                                   124                   60                                                            124        60
         Europe                                             43                   28                                                            43         28
         Rest of the World                                  81                    31                                                           81         31
 Matchmaking & Social Entertainment                                                                139            58                           139        58
 Digital Platform & Commerce                                                                                              138       151        138        151
         Consumer Advice                                                                                                  41        36         41         36
         Experiences                                                                                                      9         10         9          10
         Beauty & Lifestyle                                                                                               88        105        88        105
 Other                                                      24                   24                                        1         1         25         25
 Total                                                     736                  476                139            58      172       176       1,048      709

                              1) DACH = German-speaking region (Germany, Austria, Switzerland)                                                                   31
GROUP AND SEGMENT REVENUE BREAKDOWN H1 2021 VS. H1 2020

EXTERNAL REVENUES
[in EUR m]
                                                            Entertainment                               Dating         Commerce & Ventures      Total Group
                                                        H1 2021              H1 2020             H1 2021     H1 2020    H1 2021   H1 2020    H1 2021   H1 2020
 Advertising                                               983                  860                                       65        56        1,047      916
     DACH1)                                                874                   773                                      65        56        939        829
     Rest of the World                                     108                   87                                                           108         87
 Distribution                                               90                   83                                                            90         83
 Content                                                   227                   145                                                          227        145
         Europe                                             78                    62                                                           78         62
         Rest of the World                                 149                   83                                                           149         83
 Matchmaking & Social Entertainment                                                               280            117                          280         117
 Digital Platform & Commerce                                                                                             294        320       294        320
         Consumer Advice                                                                                                  92        97         92         97
         Experiences                                                                                                      20        25         20         25
         Beauty & Lifestyle                                                                                               182       198        182       198
 Other                                                      47                    51                                       1         2         48         53
 Total                                                    1,346                 1,139             280            117     360        378       1,986      1,634

                              1) DACH = German-speaking region (Germany, Austria, Switzerland)                                                                   32
ESG Appendix
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.

                          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.                                                                                                                                                             34
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 do business in an inclusive and
sustainable, environmentally and socially responsible way.                  Climate &
                                                              Society
As a media group, we want to represent and, above all,                     Environment
promote a cosmopolitan and democratic society.

OUR PRINCIPLES
• We form opinions and promote democracy.                    Diversity &   Governance &
                                                              Inclusion     Compliance
• We promote equal rights and equal opportunities.
• We are committed to ecological sustainability and
  climate protection.
• We stand for openness and honesty.

                        .                                                                 35
SELECTED NON-FINANCIAL KEY FIGURES

                   ENVIRONMENTAL                                                                                               SOCIAL
                                                2020              2019                 ∆                                                2020    2019      ∆

Total energy consumption in
                                               36.67             40.72              -10%                Ratio of women (employees)      49.4%   49.2%   -0.2 pp
GWh
Energy intensity
(consumption/revenues) in                       9.06              9.85               -8%
MWh/EUR m                                                                                               Ratio of women (management)     34.8%   35.4%   +0.6 pp

GHG emissions1) – Scope 1 and 2
                                               3,787             4,992             -24%                 Ratio of women at first
(CO2 equivalents) in metric tons
                                                                                                        management level below          25.0%   42.9%    15%
Total GHG emissions1) – Scope 1,                                                                        Executive Board
2 and 3 (CO2 equivalents) in                   9,584            21,284              -55%                Ratio of women at second
metric tons                                                                                             management level below          34.2%   38.6%    30%
GHG intensity                                                                                           Executive Board
(emissions/revenues) in                          2.37              5.15            -54%
MWh/EUR m

                        1) The market-based method was used for the calculation of the GHG emissions.
                        2) Target by 06/2022.                                                                                                                  36
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)

                                                                                              37
ESG RATINGS, INDICES AND RANKINGS1)

           Climate Change
                                              Rating: AA
               Score: D
                                           Industry-adjusted
          Average performance:
                                               score: 8.3
                   C

                                         ESG risk rating: 11.5
          Inclusion in index
                                         Industry (Media): 11/275

            Quality Score                    #3 in MDAX
             Environment: 3                  Scorecard for
                Social: 3                Corporate Governance
              Governance: 1                      2020

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

                  1) As of August 2021                              38
DISCLAIMER

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.

                                                                                                               39
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