Slides
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Q2 2025 Presentation Results Presentation July 31, 2025 © ProSieben / Daniel Graf
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© Joyn / Claudius Pflug© Joyn / Julien Mathieu 03 OperationsSummary 01 Financials 02 04 Outlook © Joyn / Claudius Pflug © Seven.One / Nadine Rupp© Joyn, ProSieben / Theis Poulsen © Joyn / Willi Weber
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01 Summary © ProSieben / Richard Hübner © Joyn / Claudius Pflug
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KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS 4 H1 2025 Group Adjusted EBITDA of EUR 99m, down -40% yoy mainly due to anticipated decline of high-margin advertising business and sale of Verivox in Q1 2025. Organic decline of -36% in H1 2025 Strategic and operational progress in Entertainment business with TV audience shares improving and further record figures in terms of Joyn users and engagement. Strong Joyn AVoD revenue growth Group revenues of EUR 1,695m in H1 2025, -2% yoy organically reflecting lack of recovery in macroeconomic environment and weak TV ad market development, but also strong organic growth of Commerce & Ventures Successful extension of senior facilities agreement until 2029 consisting of Term Loan and RCF. Use of disposal proceeds for EUR 250m prepayment FY 2025 financial target ranges confirmed with expected slight decline in Entertainment advertising DACH revenues in FY 2025, resulting in adjusted EBITDA below mid-point of target range
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02 Financials © Seven.One / Florida TV / Julian Mathieu To be updated by IR Picture to be updated by IR © Joyn / Julien Mathieu © Joyn, ProSieben / Theis Poulsen
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H1 2025 GROUP REVENUE DEVELOPMENT REFLECTS STILL UNCERTAIN MACROECONOMIC ENVIRONMENT 6 1) Attributable to shareholders of P7S1 Note: Organic = adjusted for portfolio and currency effects REVENUES, EARNINGS AND CASH FLOW KPIS [IN EUR M] COMMENTS • Group revenues amounted to EUR 840m in Q2 2025 and EUR 1,695m in H1 2025, reflecting demanding macroeconomic environment in our core markets and effects from deconsolidation of Verivox • As expected, Group Advertising and Dating & Video revenues declined in Q2 2025 vs Q2 2024. However, Commerce & Ventures portfolio showed continued strong growth on organic basis • Adjusted EBITDA declined by 40% in both Q2 2025 and H1 2025. This development was primarily driven by decline in high- margin advertising revenues and sale of Verivox in Q1 2025 • Adjusted net income decreased to EUR 14m in Q2 2025 and to EUR 0m in H1 2025 due to revenue and adjusted EBITDA development. However, decline was partially offset by positive tax income of EUR 19m and EUR 22m, respectively • Decline in adjusted operating Free Cash Flow both in Q2 and H1 2025 reflects in particular lower adjusted EBITDA and higher investments in programming assets Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY Group Revenues 840 907 -7% 1,695 1,774 -4% Organic 840 865 -3% 1,695 1,736 -2% Group Advertising 476 522 -9% 929 1,002 -7% DACH 416 456 -9% 808 877 -8% Rest of the World 60 66 -9% 122 124 -2% Adjusted EBITDA 55 91 -40% 99 163 -40% Adjusted net income1) 14 25 -43% 0 33 n/a Adjusted operating FCF -6 65 n/a -50 104 n/a
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JOYN AND DISTRIBUTION REVENUE GROWTH MITIGATED ENTERTAINMENT SEGMENT REVENUE DECLINE 7Note: Organic = adjusted for portfolio and currency effects ENTERTAINMENT EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] COMMENTS • Entertainment revenues decreased by 7% in Q2 2025, both on reported and on portfolio and currency-adjusted basis. In H1 2025 revenues fell by 4%, both on reported basis and organically • Entertainment advertising DACH revenues decreased by 10% in Q2 2025. Decline is due to weak TV advertising performance which has been affected by ongoing macroeconomic uncertainty and continued reluctance to invest of advertising customers • Despite demanding advertising environment, Digital & Smart advertising DACH revenues increased by 2% in Q2 2025, largely due to Joyn's continued dynamic AVoD revenue growth of 62%, offsetting declines in other digital activities • Distribution revenues increased strongly by 10% in Q2 2025 and by 8% in H1 2025 due to new cooperation agreements and increased HD subscriber base • Adjusted EBITDA reduction of 42% in Q2 2025 and 44% in H1 2025 reflects decline of high-margin advertising revenues Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY External Revenues 570 612 -7% 1,113 1,165 -4% Organic 570 609 -7% 1,113 1,165 -4% Advertising 444 491 -9% 872 942 -7% o/w DACH 384 425 -10% 750 818 -8% TV 307 349 -12% 608 675 -10% Digital & Smart 77 76 +2% 142 143 -0% o/w Rest of the World 60 66 -9% 122 124 -2% Distribution 55 50 +10% 108 100 +8% Content 34 39 -13% 69 66 +4% Other 36 32 +14% 65 57 +14% Adjusted EBITDA 41 71 -42% 65 116 -44%
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COMMERCE & VENTURES ACHIEVED STRONG ORGANIC REVENUE GROWTH BOTH IN Q2 2025 AND H1 2025 8 COMMERCE & VENTURES EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] COMMENTS • Revenues of Commerce & Ventures segment stable in Q2 2025 despite deconsolidation of Verivox at the end of Q1 2025. H1 2025 recorded revenue growth of 6% • On portfolio and currency-adjusted basis segment grew strongly by 23% in Q2 2025 and by 16% in H1 2025, respectively • Growth of Advertising revenues in Q2 2025 partially offset decline in Q1 2025 • Beauty & Lifestyle business with flaconi remained main revenue growth contributor within Digital Platform & Commerce business. Decline in Consumer Advice vertical reflects deconsolidation of Verivox at the end of Q1 2025 (Revenues Q2 2024: EUR 35m; Revenues H1 2024: EUR 85m) • Adjusted EBITDA declined by 32% in Q2 2025 and by 17% in H1 2025. Like-for-like, i.e. adjusted for portfolio effect from Verivox, adjusted EBITDA increased by 89% in Q2 2025 and by 14% in H1 2025, respectively Note: Organic = adjusted for portfolio and currency effects Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY External Revenues 199 197 +1% 427 404 +6% Organic 199 162 +23% 427 367 +16% Advertising 32 31 +2% 57 59 -3% Digital Platform & Commerce 166 166 +0% 368 343 +7% Consumer Advice 27 61 -56% 100 137 -27% Experiences 6 4 +40% 13 8 +73% Beauty & Lifestyle 133 100 +33% 254 198 +28% Other 1 1 +13% 2 2 -2% Adjusted EBITDA 8 12 -32% 24 29 -17%
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DATING & VIDEO SEGMENT SHOWS ONGOING REVENUE DECLINE WHILE ADJ. EBITDA STABILIZED IN Q2 2025 9Note: Organic = adjusted for portfolio and currency effects DATING & VIDEO EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] COMMENTS • Dating & Video revenues declined by 27% in Q2 2025 and by 24% in H1 2025. Softer trends in both verticals and continued exchange-rate headwinds drove decline • On currency- and portfolio adjusted basis segment revenues decreased by 24% both in Q2 and H1 2025 • Dating business revenues decreased by 20% in Q2 2025 due to negative consumer sentiment. Eharmony was under particular pressure, while LOVOO remained largely stable in absolute terms • Video business revenues declined by 35% in Q2 2025 as business remained sensitive to economic development, especially in the U.S.. Declining U.S. advertising market, impacted by tariffs, and customer restraints affecting virtual goods revenues, were only partially offset by slightly growing subscription revenues driven by our platform migrations in H1 2025 • Adjusted EBITDA amounted to EUR 13m in Q2 2025. Revised marketing strategy within Dating and personnel measures showed effectiveness and stabilized the Group’s profitability, resulting in an adjusted EBITDA margin on prior year´s level Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY External Revenues 71 98 -27% 155 205 -24% Organic 71 94 -24% 155 203 -24% Dating 41 52 -20% 88 109 -19% Video 30 46 -35% 67 96 -30% Adjusted EBITDA 13 14 -8% 24 31 -22%
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ACCELERATED DIGITAL TRANSFORMATION THROUGH MERGER OF SEVEN.ONE ENTERTAINMENT AND JOYN – USE OF TAX LOSS CARRYFORWARDS IN COMING YEARS 10 Joyn will be able to utilize existing tax loss carryforwards in the amount of approx. EUR 460m Utilization of Tax Loss Carryforwards Recognition of Deferred Tax Asset Existing tax loss carryforwards will result in a recognition of a deferred tax asset in the amount of approx. EUR 125m for the first time in Q3 2025 Tax cash savings are expected from 2025 onwards With a low single-digit million euro amount in 2025, a low double-digit million euro amount in each of 2026 and 2027, and a mid-double-digit million euro amount in each of 2028 and 2029 Legal Restructuring of Entertainment Segment Streamlining corporate structure to align with integration of linear TV into the streaming business Merger of Seven.One Entertainment Group GmbH into Joyn GmbH ProSiebenSat.1 Media SE Executive Board & Supervisory Board approved merger to legally reflect strategic goals
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SUCCESSFUL EXTENSION OF EUR 1.25BN SENIOR FACILITIES AGREEMENT AT ATTRACTIVE TERMS PROVIDES SUSTAINABLE LONG-TERM FINANCING UNTIL 2029 Note: SSD = Schuldscheindarlehen / Promissory Loans; RCF = Revolving Credit Facility; 1) Agreement will take effect on September 5, 2025; 2) Financial leverage: Net debt/LTM adjusted EBITDA; Note: IFRS net debt as per P7S1 definition (i.e., excluding real estate liabilities and accrued interest ); 11 CURRENT DEBT MATURITY PROFILE IN EUR M 226 1,153 225 346 500 2025 47 2026 2027 2028 80 2029 2030 48 2031 226 810 225 346 442 2025 47 2026 58 93 2027 2028 80 2029 2030 48 2031 RCF undrawn (SFA) SSD 2016 SSD 2021 Term Loans (SFA) PRO FORMA SFA EXTENSION IN EUR M COMMENTS Extension of Senior Facilities Agreement • Successful extension of EUR 1.25bn Senior Facilities Agreement1) that would have matured in 2027 • Prepayment of partial amount of EUR 250m and extended EUR 810m term debt/EUR 442m (undrawn) RCF maturity in 2029 • Term debt-related interest expenses to remain largely unchanged due to prepayment • RCF until 2027 in the amount of EUR 500m and EUR 442m beyond that until 2029 Development net financial debt • As of June 30, 2025 , Group's net financial debt was EUR 1,541m representing an improvement of EUR 54m compared to same period last year • Financial leverage was at 3.1x2) as of June 30, 2025; excl. Verivox's adj. EBITDA contribution for the last 12 months, the pro-forma leverage ratio was 3.3x2) as of June 30, 2025
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03 Operations To be updated by IR Picture to be updated by IR © Joyn / Claudius Pflug Update IR © Joyn / Willi Weber
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MACROECONOMIC ENVIRONMENT STARTS TO BRIGHTEN IN GERMANY DESPITE REMAINING UNCERTAINTY REGARDING U.S. TARIFF SITUATION ifo Economic forecast Summer 2025 Sources: Destatis, ifo 13 Real GDP +/-% vs. PY Real Private Consumption +/-% vs. PY Ifo Business Climate Index (2015=100) -0.3 -0.1 -0.2 0.7 0.1 0.3 0.8 1.0 83 84 85 86 87 88 89 90 91 92 93 Business Climate Business Expectations H1 2025E H2 2025EH1 2024 H2 2024 Jan-24 Apr-24 July-24 Oct-24 Jan-25 April-25H1 2025E H2 2025EH1 2024 H2 2024
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MEDIA AGENCIES EXPECT SLIGHT DECLINE OF COMBINED TV AND LONG-FORM VIDEO AD MARKET IN 2025 1) Uniform definition of linear TV as forecasts are based on official historical ZAW numbers 2) No standardized definition. Most forecasts include BVOD and premium long -form AVoD but exclude YouTube Sources: Warc interactive data, May 2025// Magna Global Ad Forecast, Jun 25 // GroupM This Year Next Year, Jun 25 14 -5.2% Linear TV1) -6.0% -4.7% 26.1% Long-Form Premium video2) 12.0% 4.9% total -0.7% -0.4% -1.7% 2025 June 25 June 25 May 2025 + =
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ENTERTAINMENT | FROM GLOBAL ICONS TO MID-MARKET CHAMPIONS – DRIVING GROWTH ACROSS ALL SEGMENTS & INDUSTRIES WITH MEDIA INNOVATIONS CREATIVE IMPACT SOLUTIONS Tailored creative placements and branded content collaborations that capture attention and drive brand relevance ADVANCED TV & INNOVATIVE AD PRODUCTS AI-POWERED EFFICIENCY & PERSONALIZATION Unlocking new budgets and driving growth through effective media sales strategies Innovative Ad products and Total Video strategies that expand reach and unlock new advertising budgets AI-driven spot creation and personalized communications that lower entry barriers and increase campaign efficiency • First fully AI-generated TV ad in Germany • AI-created visuals, music and voiceover • Efficiently tells the 100-year brand story • Return to TV with Audience TV and Addressable TV • Activating a broad consumer base across Germany • Strengthening awareness & driving sales momentum • Hidden casting within GNTM storyline • Cross-media activation (TV, cinema, POS, online) • Largest GNTM campaign 2025 for “The Organics” • Voice cloning for influencer marketing • Enables regional TV and digital activation • Unlocks OOH and radio budgets for video • First-ever TV campaign for L’Osteria • Total Video strategy with CFlight measurement • Driving customer growth across channels • New branded content format on Kabel Eins & Joyn • Engaging travel audiences across TV and digital • Strong advertiser momentum and platform reach x 15 x
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… and the possibilities of ProSieben SAT.1’s Media Manager to facilitate the booking of TV inventory according to digital logics … Commercial partnership between Freewheel’s well established, broadcaster owned advertising technologies … ENTERTAINMENT | COMMERCIAL PARTNERSHIP WITH FREEWHEEL TO SIMPLIFY TOTAL VIDEO BUYING FOR BROADCASTERS AND ADVERTISERS AD MARKET Simplify and scale total video buying, also for global demand BROADCASTER Transform linear TV in the digital era to unify total video P7S1 Scale & Grow ad-tech business, pan- european rollout of the Media Manager ... to efficiently facilitate convergent advertising campaigns across linear and digital inventory in the European market, tailored to address immediate market and broadcaster needs. 16
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20.1 24.5 Q1 19.4 23.1 Q2 19.5 21.8 Q3 20.9 21.6 Q4 19.8 22.9 Q1 21.3 21.9 Q2 ENTERTAINMENT | P7S1 AUDIENCE SHARE RECOVERED IN PAST QUARTERS, CLOSING THE GAP TO AD ALLIANCE Source: AGF in cooperation with GfK/videoscope/market standard Total Video/P7S1 1717 Prime Time (20-23h), delta to Ad Alliance in pts -2.8 -2.1 -1.7 +0.8 -4.1 +0.3 -4.4 -3.7 -2.4 -0.7 Full day (3-3h), delta to Ad Alliance in pts -3.1 -0.6 Strong improvement LINEAR AUDIENCE SHARE DEVELOPMENT 2024/25 [FULL DAY, A 20-59, IN %] COMMENTS Performance • P7S1 channel portfolio continues to close gap to Ad Alliance • Improved Q2 2025 performance after difficult Q1 2025 with global events / crises and early elections in Germany • Strong sports line-up in Q2 2025 with ice hockey and soccer events on Seven.One Entertainment Group’s TV channels Outlook 2025 • Continue and extend local content strategy to strengthen access and prime time slots across channels
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Q2 video views on JoynQ2 market share vs. slot average LTM New Joyn focusExisting formats ENTERTAINMENT | STRONG PERFORMING LOCAL HIGHLIGHTS ON LINEAR AND DIGITAL CHANNELS 1) Related to Sat/Sun airings; Source TV: AGF Videoforschung; AGF SCOPE 1.9; 04/01–06/30/2025; *compared against LTM slot average from 04/01/2024 to 03/31/2025; first broadcasts only; mark et standard: Bewegtbild; analysis type: TV (programmes) and TV time interval (slot average); product reference; final weighted data | Target group: Aged 14 –49 (ProSieben) & Aged 14–59 (SAT.1) Source Joyn: Internal tracking; 01.04–30.06.2025; video views; measurement starts after ads, directly from content start; exclud ing arbitrage traffic 18 6.1m 10.7m 4.7m 3.4m +7.9pts 19.0m +2.3pts 18.1m +7.9pts 2.9m +3.5pts 1.3m +2.1pts 2.5m +2.7pts 2.1m +1.0pts 0.9m +1.7pts 0.5m Inkl. Comedy Bühnenprogramme +5.1pts 0.7m +1.0pts 3.0m +1.8pts1) 3.8m Also on Saturday and Sunday Selected TV and Joyn formats |
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BUNDESLIGA RELEGATION Joyn SAT.1 FIFA CLUB WORLD CUP Joyn SAT.1 U21 EUROPEAN CHAMPIONSHIP Joyn SAT.1 ICE HOCKEY WORLD CHAMPIONSHIP Joyn ProSieben ENTERTAINMENT | HIGH VOLUME OF SPORTS HIGHLIGHTS IN Q2 2025 Source picturess: "Bundesliga Relegation" @ SAT.1/iStock; FIFA Klub-WM" @ Joyn/FIFA; 21 EM @ ProSieben/Jens Hartmann; "Eishockey WM" @ Seven.One/Marc Rehbeck Source TV-Performance: AGF Videoforschung; AGF SCOPE 1.11; 04/01/2025-06/30/2025; Marktstandard: Bewegtbild; Auswertungstyp TV; Konvention // TOP rating: 2nd half of final game GER vs. ENG (June 28th) Source Joyn-Performance: Interne Messung via Mixpanel, 01.04. - 30.06.2025, Video View gemessen direkt ab Content Start (0s), Viewtime adfree *non-monetizable, 04/01/2025-06/23/2025 internal data; w/o arbitrage 19 Performance SAT.1 ⌀ 13.7% A20-59 (vs. 5.5% YTD) Performance Joyn 12.9 M Video Views 4.0 M hours Viewtime Performance SAT.1 ⌀ 14.1% A20-59 (vs. 5.5% YTD) Performance Joyn 1.9 M Video Views 756 K hours Viewtime Performance SAT.1 ⌀ 13.7% A20-59 (vs. 5.5% YTD) Performance Joyn: 1.4 M Video Views 312 K hours Viewime Performance ProSieben (German games) ⌀ 8.4% A20-59 (vs. 5.2% YTD) Performance Joyn 1.6 M Video Views 456 K hours Viewtime CHAMPIONS LEAGUE FINAL Joyn ZDF Performance Joyn 260 K Video Views 149 K hours Viewtime NATIONS LEAGUE Joyn ZDF Performance Joyn 411 K Video Views 233 K hours Viewtime Peak audience: 42.9% share 4.54 M net viewers
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Rosin & Kumptner “Das große Backen” © SAT.1; “Hast du Töne?“ © SAT.1; “99-Wer schlägt sie alle“© SAT.1 / Julia Feldhagen; “Das 1% Quiz“ © SAT.1 / Willi Weber; “The Taste“ © SAT.1 / Benedikt Müller / Philipp Rathmer; “Villa der Versuchung“ © SAT.1; “Der letzte Bulle” © SAT.1 / Martin Rottenkolber; „Promi Big Brother” © SAT..1 / Willi Weber; “Hochzeit auf den ersten Blick” © SAT.1 / Markus Hertrich; “Julia Leischik sucht: Bitte melde dich” © SAT.1 / Timothy Biggs; “Die Spreewaldklinik” © Joyn /Claudius Pflug; “The Voice of Germany" © ProSieben; “Joko und Klaas gegen ProSieben” © Seven.One/ Florida TV/Julian Mathieu; “Wer stiehlt mir die Show” © ProSieben; “Ein sehr gutes Quiz” © ProSieben; “Beauty and the Nerd” © ProSieben; “TV Total Stand Up Club” @ ProSieben / Willi Weber; “Crash Games” @ Joyn / Willi Weber; “Rosin & Kumptner” © Kabel Eins / Willi Weber; “Willkommen bei den Reimanns” © Kabel Eins; “True Crime" © Kabel Eins; “Morlock Motors” © Kabel Eins / Julia Feldhagen;; “Forsthaus Rampensau“ © Joyn /Nadine Rupp 20 ENTERTAINMENT | SELECTION OF UPCOMING CONTENT HIGHLIGHTS IN H2 2025 JOYN ORIGINALS The Power Forsthaus Rampensau Reality Backpackers Good Luck Guys Survival Squad Promi-Büßen PRIME TIME Willkommen bei den Reimanns True Crime Morlock Motors PRIME TIME Ein sehr gutes Quiz Beauty and the Nerd Wer stiehlt mir die Show Joko und Klaas gegen ProSieben The Voice of Germany PRIME TIME / ACCESS TIME Promi Big Brother The Taste Das große Backen 99 – Wer schlägt sie alle? Das 1% Quiz Der letzte Bulle Hast du Töne? Villa der Versuchung Die Spreewaldklinik Bitte melde dich Hochzeit auf den ersten Blick TV Total Stand Up Club TV Total Stand Up Club Crash Games
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EXPANSIVE SET OF LICENSING RIGHTS … the Free TV deal also includes comprehensive AVoD and SVoD rights that ensure an optimized linear and on demand exploitation of content across Joyn, ProSieben, SAT.1 and all Free TV other channels NEARLY 2,000 PROGRAMMING HOURS … including current blockbuster features from the 2024/25 theatrical film slate, new TV series and a large variety of movies, series and factual entertainment from NBCU’s vast content library ENTERTAINMENT | P7S1 AND NBCUNIVERSAL CLOSE NEW FEATURES AND SERIES FREE TV DEAL Source pictures: NBCUniversal 21 P7S1 SECURES ACCESS TO HIGH QUALITY CONTENT MADE IN HOLLYWOOD THROUGH EXTENSION OF ITS EXISTING PARTNERSHIP WITH NBCU 21 EXEMPLARY SELECTION CONTENT HIGHLIGHTS • New theatrical feature films such as Jurassic World Rebirth, Despicable Me 4, The Fall Guy, How to Train Your Dragon and Wicked • New TV series St. Denis Medical and The Hunting Party • A large range of library features such as Fast & Furious 9, Jurassic Park: The Lost World and The Bourne Franchise, as well as series like Young Rock and Brooklyn Nine-Nine
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ENTERTAINMENT | CONTINUING STRONG GROWTH OF ALL RELEVANT JOYN KPIS 1) KPIs DE, AT & CH, 1 sec. usage, incl. marketable & non -marketable content providers, incl. Joyn PLUS+, excl. arbitrage traffi c; Source: P7S1; 2) AVoD revenue development relates to DACH 2222 GROWTH DRIVERS OF JOYN Viewtime • Significant increase of viewtime driven by stronger engagement across the board underscoring the platform's rising relevance and strong user appeal • Joyn attracting growing number of new users, reflecting its increasing visibility and market reach Content portfolio • Joyn’s content portfolio continues to expand, strengthening its position as the leading aggregator for free, diverse, and locally relevant content Collaborations • Joyn has partnered with the Bayerische Landeszentrale für neue Medien, making 14 Bavarian local TV channels freely available • This collaboration enhances regional media diversity and delivers added value to audiences across Germany +62% Joyn AVoD Revenues Q2 2025 vs. PY2) 12.6bn Minutes Video Viewtime Q2 20251) +29% vs. PY 9.2m Monthly Video Users Q2 20251) +31% vs. PY ANOTHER HIGHLY SUCCESSFUL QUARTER
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ENTERTAINMENT | INCREASING HD PENETRATION SECURING REACH & REVENUE GROWTH WITHIN DISTRIBUTION BUSINESS 1) HD subscribers in million incl. Joyn, excl. Pay TV 2) Source: Astra TV -Monitor 2023 as of May 2024 (most current report), tot al TV households in Germany: 36.4m 23 3.8 5.9 7.8 9.8 10.9 11.7 14.0 June 2013 June 2015 June 2017 June 2019 June 2021 June 2023 June 2025 +12% CAGR HD FREE-TO-AIR DISTRIBUTION [IN M]1) FTA DISTRIBUTION ON SATELLITE, CABLE, IPTV AND OTT/MOBILE etc. EUR 55m Distribution revenues in Q2 2025 +10% vs. PY 38% HD penetration in Germany2)
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COMMERCE & VENTURES | FLACONI CONTINUES ITS STRONG GROWTH MOMENTUM AFTER SUCCESSFUL Q1 2025 – REVENUES UP +33% IN Q2 2025 1) January-May 2025 24 INCREASING RETURNING CUSTOMER SHARE 67% 71% 73% 75% 76% STRONG GROWING ACTIVE CUSTOMER BASE 2 3 4 5 2021 2022 2023 2024 20252024 20251)202320222021 • Following its strong performance in Q1 2025, Flaconi has continued to grow, achieving double-digit revenue growth of 33% in Q2 2025 compared to Q2 2024, as well as disproportionately higher increase in adjusted EBITDA • Solid growth yoy in Germany and strong international growth with launch of five new countries at the end of Q2 2025 • Share of returning customers continues to grow, as does the constant stream of new customers • Profitability further improved in Q2 2025 through marketing efficiencies and further operational measures 4.7m June 2025
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25 DATING & VIDEO | NEW CEO: 100 DAYS OF FOCUSED LEADERSHIP AND STRATEGIC ACTION KEY TRANSFORMATION STEPS COMPLETED IN THE FIRST 100 days of new CEO Matthew Gain Team connection Visited all offices and kicked-off new staff engagement program and formats Strategic direction Presented a revised Group vision to the company & kicked-off business stra- tegies for more focus Cost control Undertook various cost measures incl. marketing efficiency and personnel cost base with reorgani- zation Organizational reset Instigated new organiza- tion structure driving greater accountability across businesses and leaders Data-driven decisions Introduced new mechanisms to steer the company towards more data-driven decision- making across teams
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26 DATING & VIDEO | UNLOCKING NEW GROWTH POTENTIAL… …through re-defined target group, marketing & product strategies: Target Audience Sharp focus on an under-served, but lucrative 40+ target audience Marketing A re-defined marketing approach has already seen marketing efficiency increase substantially in 2025 Product Tests are currently underway to place the customer more directly at the heart of the product experience
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04 Outlook To be updated by IR Picture to be updated by IR © ProSieben/Willi Weber Update IR © Seven.One / Nadine Rupp
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WE ARE CONFIRMING OUR FINANCIAL TARGET RANGES OF OUR 2025 OUTLOOK – GROUP ADJUSTED EBITDA NOW EXPECTED BELOW MID-POINT OF TARGET RANGE 28 Note: Please see remarks regarding the full -year 2024 outlook in the financial report 2024 on page 247 1) Verivox included only in Q1 2024; 2) Attributable to shareholders of P7S1; 3) Financial leverage: net debt/LTM adj. EBITDA; Note: IFRS net debt as per P7S1 definition (i.e. excluding lease liabilities, real estate liabilities and accrued interest li abilities) FY 2024 (reported) FY 2024 (pro-forma Verivox/adjusted for currency and portfolio effects)1) PREVIOUS FY 2025 TARGET SPECIFIED FY 2025 TARGET ADJUSTED FOR VERIVOX GROUP REVENUES EUR 3,918m EUR 3,770m ~EUR 4.00bn (+/- EUR 150m) ~EUR 3.85bn (+/- EUR 150m) ADJUSTED EBITDA EUR 557m EUR 537m EUR 550m (+/- EUR 50m) EUR 520m (+/- EUR 50m) ADJUSTED NET INCOME2) EUR 229m EUR 222m ~EUR 225m >EUR 215m ADJUSTED OPERATING FCF EUR 285m EUR 270m ~EUR 285m ~EUR 265m P7S1 ROCE 11.2% n/a ~11% ~11% FINANCIAL LEVERAGE3) 2.7x 2.5x Between 2.5x and 3.0x Between 2.5x and 3.0x COMMENT • Outlook takes into account in particular slight decline in Entertainment advertising DACH revenues in FY 2025 (previously +2% increase at mid-point), savings from recently implemented cost measures, planned programming cost increases and revenue and earnings effects from sale of Verivox • 2025 Group adjusted EBITDA still expected within target range but now below mid-point of target range • Adjusted net income will reflect development of adjusted EBITDA, but will also be positively influenced by deferred tax income • ProSiebenSat.1 will maintain its strong focus on costs
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Appendix © ProSieben / Daniel Graf
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GROUP P&L 30 [in EUR m] Q2 2025 Q2 2024 YoY H1 2025 H1 2024 YoY Revenues 840 907 -7% 1,695 1,774 -4% Adjusted EBITDA 55 91 -40% 99 163 -40% Reconciling items -77 -14 >+100% -127 -21 >+100% EBITDA -22 77 n/a -28 142 n/a Depreciation, amortization and impairments -49 -46 +7% -100 -94 +7% Thereof PPA -4 -4 +0% -9 -10 -16% Operating result (EBIT) -72 30 n/a -128 48 n/a Financial result -21 -17 +22% -44 -28 +56% Thereof interest result -13 -12 +8% -28 -28 +1% Thereof "at equity" result 1 1 -57% 1 2 -47% Thereof other financial result -9 -6 +32% -17 -3 >+100% Thereof valuation effects -4 -4 +12% -7 -1 >+100% Result before income taxes (EBT) -93 13 n/a -172 20 n/a Net income1) -49 14 n/a -109 16 n/a Adjusted net income1) 14 25 -43% 0 33 n/a Adjusted operating FCF -6 65 n/a -50 104 n/a Net financial debt2) 1,541 1,595 -3% 1) Attributable to shareholders of P7S1; 2) Net financial debt as of 06/30/2025 respectively as of 06/30/2024
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GROUP AND SEGMENT REVENUE BREAKDOWN Q2 2025 31 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Advertising revenues 444 491 32 31 476 522 DACH 384 425 32 31 416 456 Thereof TV 307 349 307 349 Thereof Digital & Smart 77 76 77 76 Rest of the World 60 66 60 66 Distribution 55 50 55 50 Content 34 39 34 39 Digital Platform & Commerce 166 166 166 166 Consumer Advice 27 61 27 61 Experiences 6 4 6 4 Beauty & Lifestyle 133 100 133 100 Dating & Video 71 98 71 98 Dating 41 52 41 52 Video 30 46 30 46 Other revenues 36 32 1 1 37 33 Total 570 612 199 197 71 98 840 907
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GROUP AND SEGMENT REVENUE BREAKDOWN H1 2025 32 Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Advertising revenues 872 942 57 59 929 1,002 DACH 750 818 57 59 808 877 Thereof TV 608 675 608 675 Thereof Digital & Smart 142 143 142 143 Rest of the World 122 124 122 124 Distribution 108 100 108 100 Content 69 66 69 66 Digital Platform & Commerce 368 343 368 343 Consumer Advice 100 137 100 137 Experiences 13 8 13 8 Beauty & Lifestyle 254 198 254 198 Dating & Video 155 205 155 205 Dating 88 109 88 109 Video 67 96 67 96 Other revenues 65 57 2 2 120 58 Total 1,113 1,165 427 404 155 205 1,695 1,774
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OPERATIONAL KPIS 33 1) Basis: Mon-Sun, 20:00-23:00h; Source AGF in cooperation with GFK/videoscope/market standard Total Video/P7S1; 2) Launch of Jo yn Switzerland on June 12, 2024; 3) KPIs DE, AT & CH, 1 sec. usage, incl. marketable & non-marketable content providers, incl. Joyn PLUS+ in DE, excl. arbitrage traffic; Source: P7S1; 4) AVoD revenue development relates to DE from Q1 2023 – Q4 2023 and to DACH from Q1 2024 onwards. Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Linear TV Audience Share A 20-591) 18.3% 18.3% 21.0% 19.4% 18.9% 21.0% Joyn (DE+AT+CH)2) Monthly Video Users3) 7.05m 6.76m 7.88m 7.06m 8.27m 9.21m Video Viewtime in minutes3) 9.8bn 9.0bn 12.3bn 40.2bn 13.5bn 12.6bn AVoD Revenues (YoY)4) +36% +23% +34% +36% +39% +62%
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This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objectives of management and future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward-looking statements or other information stated herein, whether as a result of new information, future events or otherwise. DISCLAIMER 34