Company presentation August 2021 - ProSiebenSat.1 Media SE
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Company presentation August 2021
AGENDA
1. Key Messages 2. Financial Overview 3. Operational Review 4. Strategy & Outlook
© ProSieben/Willi Weber © ProSieben/Stefan Gegorowius
2
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
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
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
AGENDA
1. Key Messages 2. Financial Overview 3. Operational Review 4. Strategy & Outlook
© ProSieben/Willi Weber © ProSieben/Stefan Gegorowius
6
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
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.
8GROUP 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 9WE 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 10AGENDA
1. Key Messages 2. Financial Overview 3. Operational Review 4. Strategy & Outlook
© ProSieben/Willi Weber © ProSieben/Stefan Gegorowius
11ENTERTAINMENT | 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 12ENTERTAINMENT | 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 13ENTERTAINMENT | 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 14ENTERTAINMENT | 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 15ENTERTAINMENT | 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 16ENTERTAINMENT | 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 17DATING | 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 18COMMERCE & 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 19COMMERCE & 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 20AGENDA
1. Key Messages 2. Financial Overview 3. Operational Review 4. Strategy & Outlook
© ProSieben/Willi Weber © ProSieben/Stefan Gegorowius
21STRATEGY | 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.)
22STRATEGY| 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) 23FINANCIAL 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) 24SUMMARY | 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.
25Appendix
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 27ENTERTAINMENT 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 28DATING 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 29COMMERCE & 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 30GROUP 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) 31GROUP 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) 32ESG 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. 34WE 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.
. 35SELECTED 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. 36STRATEGIC 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)
37ESG 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 38DISCLAIMER
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.
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