Slides
Page 1
Zee Entertainment Enterprises Limited Earnings Update for 9M & Q3 FY26 22 January 2026
Page 2
Zee Entertainment Enterprises Limited Disclaimer Safe Harbor Statement: This Release/Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. This document should be read in conjunction with the published financial results. Certain analysis undertaken and represented in this document may constitute an estimate or interpretation and may differ from the actual underlying results. Use of Operating Metrics: The operating metrics reported in this presentation are calculated using internal company data. While these numbers are based on what we believe to be reasonable estimates for the applicable period of measurement, there are some inherent challenges in these measurements. The methodologies used to measure these metrics are susceptible to source issues, calculation or other technical errors. We regularly review our processes for calculating these metrics, and from time to time we may discover inconsistencies in our metrics or may make adjustments to improve their accuracy, which can result in adjustments to previously disclosed metrics. In addition, our metrics will differ from estimates published by third parties due to differences in methodology. 2
Page 3
Zee Entertainment Enterprises Limited 9M & Q3 FY26 Key Performance Highlights Viewership Share: BARC, All 15+ Yrs, (U) Shows and Movies (Incl. 11 Originals) Released in Q3 FY26 FCF/ PAT in Q2 FY26YoY growth in Operating Revenue; Q3 FY26 Operating Revenue of Rs 22,801 Mn 15% 1.6x ZEE5 YoY Revenue Growth; 9M FY26 Revenue Rs 10,188 Mn Delivered Positive EBITDA in digital Business in Q3 FY26 Effective cost management drives profitability Reduction in 9M FY26 EBITDA losses YoY Q3 FY26 All India TV Network Share; Up 60 bps YoY 17.5% ‘Z’ Network gains share across Hindi and other language markets 3945% >90% Maintaining healthy balance sheet Cash and Cash Equivalent as of Dec’25 Rs 21.8 Bn 3 EBITDA Margin; Q3 FY26 EBITDA of Rs 2,405 Mn 10.5%
Page 4
Zee Entertainment Enterprises Limited Domestic Linear: TV Landscape Remains Stable ‘Z’ Network Share Grew 60 bps YoY, aided by Hindi & Language markets 4 TV reach & Impression Source: BARC, All India 2+ Yrs, (U + R) Impression is defined as the total human-minutes of viewing of content, averaged per minute across total duration. ‘Z’ Network Share Total TV viewership remains stable Industry TV Reach and Impressions 16.8% 17.1% 16.8% 16.9% 17.8% 17.5% FY23 FY24 FY25 Q3 FY25 Q2 FY26 Q3 FY26 Key Launches in Q3 FY26 Viewership Focus: Zee TV, Zee Marathi and Zee Tamil Monetization Focus: Zee Kannada, Zee Bangla, Zee Sarthak, Zee Punjabi, Zee Telugu & Hindi movies/ Cinema Invest & Grow Strengthen & Monetize 746 749 737 Q3 FY25 Q2 FY26 Q3 FY26 Weekly Reach (Mn) 29.0 28.8 28.7 Q3 FY25 Q2 FY26 Q3 FY26 Weekly Impressions (Bn) All 15+ (U) Jagadhatri (Zee TV) Sa Re Ga Ma Pa Li’l Champs (Zee Tamil) Dance Kannada Dance (Zee Kannada) Gharwali Pedwali (&TV) Besh Korechi Prem Korechi (Zee Bangla) Lakshmi Raave Ma Intiki (Zee Telugu)
Page 5
Zee Entertainment Enterprises Limited 2,372 2,237 2,363 2,413 2,747 2,900 3,108 4,180 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 -2,652 -1,777 -1,588 -1,362 -753 -658 -312 564 : In-line to Achieve Breakeven 5*EBITDA excludes costs incurred by the business on ZEEL network; ZEE5 Revenue and EBITDA includes Zee’s other digital businesses Q3 FY26 Impact Releases Q4 FY26 Slate ➢ Registered highest ever Quarterly Revenue and EBITDA ➢ Stable usage and engagement metrics during the quarter ➢ Expect momentum in performance improvement (YoY) to sustain driven by growth and operating leverage ➢ 39 shows and movies released during the quarter including 11 originals Key Highlights Total Revenue (Rs Mn) EBITDA* (Rs Mn) Q3 FY26 revenues up 73% YoY Rs 1,926 Mn reduction in Q3 FY26 EBITDA loss YoY
Page 6
Zee Entertainment Enterprises Limited : 1 Hindi and 7 Other Language Movies Released During Q3 FY26 Hindi Movies Other Language Movies 6 Distributed by Zee Studios Distributed by Zee Studios Acquisition of Theatrical & satellite rights by Zee Studios Produced & Distributed by Zee Studios Distributed by Zee Studios Produced & Distributed by Zee Studios Distributed by Zee Studios Produced & Distributed by Zee StudiosAcquisition of Theatrical & satellite rights by Zee Studios Distributed by Zee Studios
Page 7
Zee Entertainment Enterprises Limited : Music Label with ~175 Mn Subscribers on YouTube 7 Q3 FY26 Key Catalogue Additions Language Wise Songs Released in Q3 FY26 All ZMC YouTube Channels Video Views & Subscribers Count Hindi Other Languages Singles / Albums 11 12 164 Rights Acquired Oct-Dec’25 Zee Music Company added over 2.3 Mn subscribers during quarter on back of new age catalogue 160 172 175 43 54 51 Q3 FY25 Q2 FY26 Q3 FY26 Total Subs count (Mn) Total Video Views during the Quarter (Bn) Hindi & Punjabi, 39% Marathi, 15% Tamil, 5% Bengali, 6% Telugu, 12% Others, 23%
Page 8
Zee Entertainment Enterprises Limited Key ESG Highlights: S&P Global ESG Score Placed us in the 96th Percentile Across the Media, Movies & Entertainment 8 Environmental • ‘Z’ has commenced energy audit activities across its pan-India locations to assess energy consumption and management in alignment with its climate change strategy. • Sustainable initiatives of waste recycling, energy saving, are widely executed. Governance • Suppliers ESG assessment activity has been commenced • Theatrical workshops were conducted across ‘Z’ locations to raise awareness on the Prevention of Sexual Harassment (POSH) policy at the workplace Social • Cardiopulmonary Resuscitation (CPR) training sessions were conducted in- person across 12 offices in India, with over 2,500 employees participating including outsourced employees. ‘Z’ ESG initiatives are Committed to People, Planet, and Progress • ‘Z’ achieved a high score of 51 out of 100 S&P Global ESG Corporate Sustainability Assessment 2025 in Media, Movies and Entertainment (M&E) sector. • With this score ‘Z’ surpassed the industry average score of 22 and ranks among the top 5% of global players in the sector. ‘Z’ bags Gold at the prestigious LACP Spotlight Awards 2025 The CSR program 'Bal Raksha Bharat' wins BVokal CSR Award 2025 (Sanrakshak category) for building a model resilient village which was supported by 'Z' in collaboration with other key partners. Transforming Rural India 19 28 44 51 2022 2023 2024 2025 S&P Global ESG score in CSA
Page 9
9M & Q3 FY26 Financial Performance
Page 10
Zee Entertainment Enterprises Limited (INR Million) 9M FY25 9M FY26 YoY Operating Revenue 61,100 60,741 -1% Expenditure -51,990 -54,592 5% EBITDA 9,110 6,149 -33% EBITDA Margin 14.9% 10.1% Other Income 872 698 Depreciation -2,146 -1,699 Finance cost -246 -299 Fair value gain through P&L -34 -386 Exceptional Items/ JV & Associate -983 -92 Profit Before Tax (PBT) from continuing operations 6,641 5,143 -23% Provision for Tax -1,653 -1,393 Profit after Tax (PAT) from continuing operations 4,988 3,750 -25% Profit from discontinuing operations -77 0 Profit for the period/year 4,911 3,750 -24% 27,536 24,163 29,396 30,549 4,168 6,029 9M FY25 9M FY26 Operating Revenue Breakup (Rs Mn) Advertising Subscription Other Sales & Services 9M FY26 EBITDA Margin 10.1%; Soft Advertising Environment & Higher A&P Impacts Profitability 10Figures for the previous year/period have been regrouped and/or reclassified wherever considered necessary YoY 12% 4% 32,353 33,546 6,966 6,504 8,466 9,927 4,205 4,615 9M FY25 9M FY26 Cost Breakup (Rs Mn) Operating Personnel A&P Others 45%
Page 11
Zee Entertainment Enterprises Limited 9,406 8,063 8,515 9,825 10,230 10,502 557 1,399 3,784 Q3 FY25 Q2 FY26 Q3 FY26 Operating Revenue Breakup (Rs Mn) Advertising Subscription Other Sales & Services Q3 FY26 Operating Revenue up 15% YoY driven by Subscription and Other sales & Services; Higher Operating Cost due to Acquisition of Movie Rights and Shift in ILT20 League Matches 11Figures for the previous year/period have been regrouped and/or reclassified wherever considered necessary QoQ YoY 6% 9% 3% 7% 170% 9,968 10,780 13,056 2,433 2,142 2,161 2,977 3,691 3,484 1,226 1,615 1,695 Q3 FY25 Q2 FY26 Q3 FY26 Cost Breakup (Rs Mn) Operating Personnel A&P Others 579% TBU (INR Million) Q3 FY25 Q2 FY26 Q3 FY26 QoQ YoY Operating Revenue 19,788 19,692 22,801 16% 15% Expenditure -16,604 -18,228 -20,396 12% 23% EBITDA 3,184 1,464 2,405 64% -24% EBITDA Margin 16.1% 7.4% 10.5% Other Income 345 264 184 Depreciation -658 -571 -537 Finance cost -108 -130 -92 Fair value gain through P&L -23 -126 -151 Exceptional Items/ JV & Associate -808 1 -94 Profit Before Tax (PBT) from continuing operations 1,978 1,154 2,017 75% 2% Provision for Tax -342 -389 -469 Profit for the period/year 1,636 765 1,548 102% -5%
Page 12
Zee Entertainment Enterprises Limited Q3 FY26: Effectively Navigated Soft Advertising Environment by Focused Execution 12 • Increase in programming expenses. • Continue to invest selectively toward growth initiatives (such as KidZ, Bullet, etc.) • Increase in digital revenue drives the growth in subscription. • Increase largely driven by sale of distribution rights of two blockbuster movies. • Increase due to shift in ILT20 and new content launched across platforms. • Q3 FY26 Advertising revenue : Rs 551 Mn, Subscription revenue : Rs 870 Mn, Other Sales & Services : Rs 129 Mn • EBITDA for the quarter came at Rs 2,405 Mn • Q3 FY26 Margin at 10.5% • Slowdown in FMCG spending impacted domestic advertising revenue down by 10% YoY . • Domestic advertising environment remains soft; hopeful of revival in brand building spends. Advertising revenues Operating cost Subscription revenues Other Sales & Services revenues A&P and Other expenses International revenue break-up EBITDA
Page 13
Zee Entertainment Enterprises Limited Condensed Balance Sheet 13 Assets (INR Million) Mar’25 Dec'25 Non-Current Assets Fixed assets 10,059 9,292 Investments 383 322 Other financial assets 1,145 1,274 Income tax & Deferred tax assets 7,335 8,635 Others Non-Current Assets 149 193 Current Assets Inventories 67,748 66,555 Cash and other investments 24,063 21,837 Trade receivables 15,325 18,953 Others financial assets 3,405 4,842 Other current assets 7,636 7,127 Non-current assets - HFS 91 96 Total Assets 1,37,341 1,39,129 Liabilities (INR Million) Mar’25 Dec'25 Equity Capital 1,15,224 1,17,574 Non-Current Liabilities Lease Liab/Other borrowings 2,398 2,056 Provisions 1,579 1,516 Current Liabilities Lease Liab/Other borrowings 811 674 Trade Payables 12,017 12,233 Other financial liabilities 2,235 1,890 Other current liabilities 2,747 2,670 Provisions 189 204 Income tax liabilities 114 283 Liabilities associated with assets- HFS 27 28 Total Equity & Liabilities 1,37,341 1,39,129
Page 14
Zee Entertainment Enterprises Limited The Cash & Treasury Investments as of Dec’25 stood at Rs 21,837 Mn 14 S.No Particulars (INR Million) Dec-25 Mutual Fund Investments (A) 1 HDFC Ultra Short-Term Fund - Direct Plan Growth 3,857 2 SBI Magnum Ultra Short Duration Fund - Direct Plan Growth 1,793 3 Tata Ultra Short-Term Fund- Direct Plan Growth 2,593 4 Aditya Birla Sun Life Savings Fund- Direct Plan- Growth 1,538 Total MF (A) 9,781 Fixed Deposits (B) 1 ICICI Bank 5 2 AU Small Finance Bank 400 3 HDFC Bank 212 Total (B) 617 FDs of other subsidiaries (C) 6,406 Total Investments (A+B+C) 16,804 Bank balance (D) 5,034 Grand Total (A+B+C+D) 21,837 *The cash & treasury investments as of Dec’25 stood at Rs 21,837 Mn, including Mutual Fund of Rs 9,781 Mn, Bank FDs of Rs 7,023 Mn and Cash balance of Rs 5,034 Mn.
Page 15
Zee Entertainment Enterprises Limited Content Inventory and Advances Continues to Decline in 9M FY26 Driven by Optimised Acquisition and Releases 64% 64% 64% 72% 70% 71% 71% 14% 14% 14% 13% 12% 12% 12% 11% 13% 16% 12% 13% 13% 13% 12% 8% 7% 4% 4% 4% 4% FY22 FY23 FY24 FY25 Jun'25 Sept'25 Dec'25 Content Advances Movies Production, Music & Others Shows Movies Rights Decreased by Rs 1.2 Bn during 9M FY26 Rs 72.5 Bn Rs 79.6 Bn Rs 70.5 Bn Rs 74.2 Bn 15 Rs 70.2 Bn Rs 69.9 Bn Rs 69.3 Bn
Page 16
Yours Truly