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Zee Entertainment Enterprises Limited Earnings Update for Q2 FY27 30 October 2026
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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
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Zee Entertainment Enterprises Limited Q2 FY27 Key Performance Highlights Viewership Share: BARC, All 15+ Yrs, (U) ZEE5 Revenue and EBITDA includes Zee’s other digital businesses Shows and Movies (Incl. 9 Originals) Released in Q2 FY27 FCF/ PAT in FY26 Q2 FY27 Operating Revenue; Up 13% YoY Rs 22,246 Mn 1.6x ZEE5 YoY Revenue Growth; Q2 FY27 Revenue Rs 6,260 Mn ‘Z’ Digital business growth momentum continues Continue to invest in new strategic initiatives Week 24 All India TV Network Share; 20% ‘Z’ Network gains share across Hindi and other language markets 34101% Maintaining healthy balance sheet Cash and Cash Equivalent as of Sept’26 Rs 25.7 Bn 3 EBITDA Margin; Q2 FY27 EBITDA of Rs 708 Mn 3.2% ZEE5 Q2 FY27 EBITDA 416 Mn
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Zee Entertainment Enterprises Limited FIFA 2026 Aided Digital Revenue Growth; Continues to Remain Fastest Growing Vertical 4 *Includes the change in estimates of movie rights inventory amortisation pattern **EBITDA excludes costs incurred by the business on ZEEL network; ZEE5 Revenue and EBITDA includes Zee’s other digital businesses Q2 FY27 Impact Releases Q3 FY27 Slate ➢ Stable usage and engagement metrics during the quarter ➢ 34 shows and movies released during the quarter including 9 originals ➢ Sustained positive unit economics driven by growth and operating leverage Key Highlights 3,108 4,180 4,700 4,571 6,260 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 -312 564 -84* 44 416 Total Revenue (Rs Mn) EBITDA** (Rs Mn) Q2 FY27 revenues up 101% YoY Delivered positive EBITDA after adjusting for the change in movies rights estimates Business delivered positive EBITDA
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Zee Entertainment Enterprises Limited ‘Z’ to Showcase Key FIFA Events for 8 Consecutive Years -2026 to 2034 5 FIFA watch time from LIVE matches on Z5 83% Watch Time (Mins) across platforms ~50 Bn Reach (Live + Non- Live) 400+ Mn 73% Of Indian feel highly positive about ‘Z’ as a brand for bringing the FIFA World Cup 2026 to Viewers in India 33M Social Mentions 24M Social Mentions 38% growth FIFA Viewership on ‘Z’ Network Breaks Previous Record Source: Meltwater
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Zee Entertainment Enterprises Limited 6 r/IndianTellyTalk - Hot take: Zee 5 has a better UI than JioHotstar
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Zee Entertainment Enterprises Limited ‘Z’ Network Achieves Highest Viewership Share in Over 7 years in Week 24 of 2026 7 TV reach & Impression Source: BARC, All India 2+ Yrs, (U + R); Q1FY27 till 2026 Week 24 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% 17.4% 16.8% 17.4% 17.9% 20.0% FY23 FY24 FY25 FY26 Q1 FY26 Q4 FY26 Q1 FY27 Week 24 Key Launches in Q2 FY27 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 All 15+ (U) Sa Re Ga Ma Pa (Zee TV) Samanthi (Zee Tamil) Home Minister (Zee Marathi) Dadagiri Unlimited S11 (Zee Sarthak) Dilon Ki Ram Leela (Zee TV) Halli Power Reloaded (Zee Kannada) 749 732 732 Q2 FY26 Q1 FY27 Week 24 Weekly Reach (mn) 28.8 27.1 26.7 Q2 FY26 Q1 FY27 Week 24 Weekly Impressions (bn)
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Zee Entertainment Enterprises Limited : 1 Hindi and 5 Other Language Movies Released During Q2 FY27 Hindi Movies Other Language Movies 8 Distributed by Zee Studios Distributed by Zee Studios Distributed by Zee Studios Produced & Distributed by Zee Studios Distributed by Zee Studios Produced & Distributed by Zee Studios Distributed by Zee Studios Distributed by Zee Studios Distributed by Zee Studios Produced & Distributed by Zee Studios
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Zee Entertainment Enterprises Limited : Music Label with ~179 Mn Subscribers on YouTube 9 Language Wise Songs Released in Q2 FY27 All ZMC YouTube Channels Video Views & Subscribers CountQ2 FY27 Key Catalogue Additions 172 177 179 54 54 59 Q2 FY26 Q1 FY27 Q2 FY27 Total Subs count (Mn) Total Video Views during the Quarter (Bn) Hindi Other Languages Singles / Albums 9 12 73 Rights Acquired Q2 FY27 Zee Music Company added over 1.6 Mn subscribers during quarter on back of new age catalogue Hindi & Punjabi, 25% Bhojpuri, 10% Marathi, 4% Telugu, 13% Bengali, 2% Tamil, 9% Others, 36%
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Zee Entertainment Enterprises Limited Key ESG Highlights: S&P Global ESG Score Placed us in the 96th Percentile Across the Media, Movies & Entertainment; NSE Sustainability Ratings & Analytics Rating categorised ‘Z’ as Leader 10 Environmental • GHG emission intensity: 31 tCO₂e per FTE (Full-Time Employee) • 5.4% reduction in Scope 2 emissions • 13.2% increase in waste recycled • Preliminary Climate Risk & Opportunity Assessment Completed • 700+ ESG Learning Hours Delivered Governance • 98% Local procurement across the supply chain • 100% workforce trained on compliance, data privacy and cybersecurity • 28.6% women independent directors on the Board • Committed to responsible and transparent Tax practices Social • 20.5% women representation across workforce • 137,011 total learning hours delivered • 95.4% employee retention rate • 32% open positions filled through internal mobility (iGrow) • 30,182 total CSR beneficiaries impacted ‘Z’ ESG initiatives are driving Social Impact, Environmental Stewardship, and Responsible Growth • ‘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. 19 28 44 51 2022 2023 2024 2025 S&P Global ESG score in CSA ESG Rating for FY25 73 Rating Category : Leader Last Updated: 2nd Apr 2026
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H1 & Q2 FY27 Financial Performance
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Zee Entertainment Enterprises Limited 15,648 14,744 20,047 24,693 2,245 1,882 H1 FY26 H1 FY27 Operating Revenue Breakup (Rs Mn) Advertising Subscription Other Sales & Services H1 FY27 EBITDA Margin 3.6%; Middle East Crisis Impacted Ad Environment & Investments in New Initiatives lowered profitability 12Figures for the previous year/period have been regrouped and/or reclassified wherever considered necessary YoY 6% 23% 20,490 22,564 4,343 4,103 6,443 10,178 2,920 2,977 H1 FY26 H1 FY27 Cost Breakup (Rs Mn) Operating Personnel A&P Others 16% (INR Million) H1 FY26 H1 FY27 YoY Operating Revenue 37,940 41,319 9% Expenditure -34,196 -39,822 16% EBITDA 3,744 1,497 -60% EBITDA Margin 9.9% 3.6% Other Income 514 538 Depreciation -1,162 -863 Finance cost -207 -157 Fair value through P&L -235 -357 Exceptional Items/ JV & Associate 2 0 Profit Before Tax (PBT) 3,126 1,372 -56% Provision for Tax -924 -173 Profit after Tax (PAT) 2,202 1,199 -46%
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Zee Entertainment Enterprises Limited 8,063 6,714 8,030 10,230 11,369 13,324 1,399 990 892 Q2 FY26 Q1 FY27 Q2 FY27 Operating Revenue Breakup (Rs Mn) Advertising Subscription Other Sales & Services Q2 FY27 Operating Revenue grew 13%; Driven by Digital Business 13 QoQ YoY 20% 0% 17% 30% 10% 10,780 10,317 12,247 2,142 2,126 1,977 3,691 4,468 5,710 1,615 1,373 1,604 Q2 FY26 Q1 FY27 Q2 FY27 Cost Breakup (Rs Mn) Operating Personnel A&P Others 36% Figures for the previous year/period have been regrouped and/or reclassified wherever considered necessary (INR Million) Q2 FY26 Q1 FY27 Q2 FY27 QoQ YoY Operating Revenue 19,692 19,073 22,246 17% 13% Expenditure -18,228 -18,284 -21,538 18% 18% EBITDA 1,464 789 708 -10% -52% EBITDA Margin 7.4% 4.1% 3.2% Other Income 264 312 226 Depreciation -571 -435 -428 Finance cost -130 -132 -25 Fair value through P&L -126 -207 -150 Exceptional Items/ JV & Associate 1 0 0 Profit Before Tax (PBT) 1,154 741 631 -15% -45% Provision for Tax -389 2 -175 Profit after Tax (PAT) 765 743 456 -39% -40%
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Zee Entertainment Enterprises Limited Q2 FY27: Continued Investments in Strategic New Initiatives Aided Growth 14 • Increase in programming expenses on account of FIFA 2026 and expanded content offering across platforms • Continue to selectively invest towards growth initiatives (such as KidZ, Bullet, Live, etc.) • FIFA 2026 and strong content pipeline drove higher digital ARPU and growth in subscribers • Lower number of movies produced and released • Higher A&P spends due to FIFA 2026 and investments in other initiatives (Bullet & Music) • Q2 FY27 Advertising revenue : Rs 447 Mn, Subscription revenue : Rs 1,189 Mn, Other Sales & Services : Rs 151 Mn • EBITDA for the quarter came at Rs 708 Mn • EBITDA Margin at 3.2% • Domestic advertising revenue was flat; aided by FIFA and marquee shows such as Sa Re Ga Ma Pa and other fresh slate of launches • Upcoming festive season to aid growth in Ad revenue. Advertising revenues Operating Cost Subscription revenues Other Sales & Services revenues A&P and Other expenses International revenue break-up EBITDA
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Zee Entertainment Enterprises Limited Condensed Balance Sheet 15 Assets (INR Million) Mar’26 Sept’26 Non-Current Assets Fixed assets 9,114 8,765 Investments 445 1,673 Other financial assets 547 607 Income tax & Deferred tax assets 9,385 9,653 Others Non-Current Assets 2,290 3,027 Current Assets Inventories 65,123 66,335 Cash and other investments 27,595 25,694 Trade receivables 17,243 19,126 Others financial assets 4,695 4,760 Other current assets 5,507 7,123 Non-current assets - HFS 211 26 Total Assets 1,42,155 1,46,789 Liabilities (INR Million) Mar’26 Sept’26 Total Equity 1,17,281 1,23,993 Non-Current Liabilities Lease Liab/Other borrowings 1,941 427 Provisions 1,413 1,469 Current Liabilities Lease Liab/Other borrowings 710 221 Trade Payables 14,669 14,990 Other financial liabilities 2,084 1,635 Other current liabilities 3,661 3,552 Provisions 253 233 Income tax liabilities 115 241 Liabilities associated with assets- HFS 28 28 Total Equity & Liabilities 1,42,155 1,46,789
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Zee Entertainment Enterprises Limited The Cash & Treasury Investments as of Sept’26 stood at Rs 25,694 Mn 16 *The cash & treasury investments as of Sept’26 stood at Rs 25,694 Mn, including Mutual Fund of Rs 9,377 Mn, FDs & other investments of Rs 11,013 Mn and Bank balance of Rs 5,305 Mn. S.No Particulars (INR Million) Sep-26 Mutual Fund Investments (A) 1 Tata Ultra Short Term Fund- Direct Plan- Growth 3,042 2 SBI Magnum Ultra Short Duration Fund - Direct Plan Growth 1,879 3 Aditya Birla Sun Life Savings Fund- Direct Plan- Growth 1,614 4 HDFC Ultra Short Term Fund - Direct Plan Growth 1,158 5 ICICI Prudential Ultra Short Term Fund - Direct Plan- Growth 619 6 Tata Liquid Fund- Direct Plan - Growth 558 7 ICICI Prudential Liquid Fund - Direct Plan- Growth 507 Total MF (A) 9,377 Fixed Deposits (B) 1 ICICI Bank 3,007 2 HDFC Bank 2,512 3 AU Small Finance Bank 2,123 Total (B) 7,642 FDs & other investments of other subsidiaries (C) 3,371 Total Investments (A+B+C) 20,390 Bank balance (D) 5,305 Grand Total (A+B+C+D) 25,695
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Zee Entertainment Enterprises Limited Content Inventory and Advances increase was driven by Investment in Content 64% 64% 64% 72% 71% 62% 63% 14% 14% 14% 13% 13% 15% 14% 11% 13% 16% 12% 13% 17% 17% 12% 8% 7% 4% 4% 7% 6% FY22 FY23 FY24 FY25 FY26 Jun'26 Sept'26 Content Advances Movies Production, Music & Others Shows Movies Rights Increased by Rs 2.9 Bn during H1 FY27Rs 72.5 Bn Rs 79.6 Bn Rs 70.5 Bn Rs 74.2 Bn 17 Rs 67.6 Bn Rs 71.8 Bn Rs 70.6 Bn
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Yours Truly