pdf 17 MB - ProSiebenSat.1
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pdf 17 MB - ProSiebenSat.1
May 3, 2016 Q1 2016 IR Presentation | May 3, 2016 | | Page 1 Agenda 1 At a Glance 2 Financial Performance Review 3 Operational Performance 4 3.1 Broadcasting German-speaking & Red Arrow 3.2 Digital & Adjacent Summary & Outlook | May 3, 2016 | | Page 2 May 3, 2016 Q1 2016 At a Glance Thomas Ebeling Chief Executive Officer | May 3, 2016 | | Page 3 1 2 3 4 Q1 2016 – At a Glance Key financials in Q1 2016 [Q1 2016 vs. Q1 2015; in EUR m] Revenues 802 +22% ✔ Recurring EBITDA 170 +12% ✔ 76 +8% ✔ Underlying net income | May 3, 2016 | Continuing operations | Page 4 1 2 3 4 Q1 2016 – At a Glance Continued dynamic growth across all three business segments Revenue growth vs. Q1 2015 Broadcasting German-speaking Digital & Adjacent TV advertising Distribution Digital Entertainment Ventures & Commerce Adjacent +4% +14% +66% +110% -44% Content Production & Global Sales +5% +75% +38% +EUR 23m +EUR 103m +EUR 17m | May 3, 2016 | Continuing operations, external revenues. | Page 5 1 2 3 4 Q1 2016 – At a Glance Our milestones from 2009 until our DAX entry CMD target: Group revenue growth 2018 by EUR 1bn First CMD target: EUR >750m growth potential until 2015 German free TV channels pooled in one location Share class merger Sales subsidiaries for online + TV services merged 2009 Fully acquired Launch 2010 Founding Almost 100% free float after KKR and Permira exit Disposal of TV and radio activities in the Nordics 2011 2012 2013 2014 2015 revenue target already achieved YE 2014 CMD target increased: Group revenue growth 2018 by EUR 1.85bn Acquisition Entry into the Share price at EUR 50.70 2015 2016 Founding Disposal of Benelux TV activities Acquisition Founding Founding | May 3, 2016 | Continuing operations Launch Launch Acquisition of CDS and merger with Studio71 | Page 6 1 2 3 4 Q1 2016 – At a Glance 2018 Group revenue growth target Rec. EBITDA growth target 2012-18 revenue growth target [in EUR m, degree of achievement] [in EUR m, degree of achievement] 57% 57% 66% 2,175 51% 67% 4,206 3,408 2,356 2,301 1,926 1,535 745 943 1,095 950 335 280 370 95 Group rec. EBITDA 2018 revenue growth target Rec. EBITDA margin profile 2018E | May 3, 2016 | Broadcasting Germanspeaking +EUR 375m >30% Digital & Adjacent +EUR 1,200m 15-20% Degree of achievement Content Production & Global Sales ProSiebenSat.1 Group +EUR 275m ≥10% 2012 Q1 2016 (LTM) +EUR 1,850m ~26.0% 2018 target | Page 7 1 2 3 4 Q1 2016 – At a Glance We confirm our positive full-year guidance Group revenue growth to exceed +10% ✔ Ad performance in line with positive net TV ad market ✔ Digital & Adjacent with double-digit revenue growth ✔ Recurring EBITDA and underlying net income above prior year ✔ | May 3, 2016 | Continuing operations | Page 8 1 2 3 4 Q1 2016 – At a Glance Enlarged Executive Board to further strengthen digital business Thomas Ebeling CHIEF EXECUTIVE OFFICER Since May 1, 2016 Dr. Gunnar Wiedenfels CHIEF FINANCIAL OFFICER Conrad Albert Dr. Christian Wegner EXTERNAL AFFAIRS, INDUSTRY RELATIONS & GENERAL COUNSEL DIGITAL VENTURES & COMMERCE | May 3, 2016 | Dr. Ralf Schremper Jan Frouman Christof Wahl STRATEGY & INVESTMENT CONTENT & BROADCASTING DIGITAL ENTERTAINMENT & COO | Page 9 May 3, 2016 Q1 2016 Financial Performance Review Dr. Gunnar Wiedenfels Chief Financial Officer | May 3, 2016 | | Page 10 1 2 3 4 Q1 2016 – Financial Performance Review Q1 2016: dynamic revenue and recurring EBITDA increase Consolidated revenues [in EUR m] Recurring EBITDA [in EUR m] +22% +12% 1,000 200 802 655 153 170 150 500 100 50 0 0 Q1 2015 Q1 2016 Q1 2015 Q1 2016 Recurring EBITDA margin: 21% (-2%pts) | May 3, 2016 | Continuing operations | Page 11 1 2 3 4 Q1 2016 – Financial Performance Review Q1 2016: Group revenue growth driven by all segments Key Group revenue growth drivers vs. PY [Q1 2016 external revenues; growth rates in %] Broadcasting German-speaking Digital & Adjacent Content Production & Global Sales EUR 493m, +5% EUR 242m, +75% EUR 63m, +38% Digital Entertainment EUR 86m, +66% TV advertising EUR 454m, +4% Ventures & Commerce EUR 146m, +110% Distribution EUR 29m, +14% | May 3, 2016 | Red Arrow EUR 63m, +38% Adjacent EUR 9m, -44% Continuing operations | Page 12 1 2 3 4 Q1 2016 – Financial Performance Review Q1 2016: high single-digit underlying net income growth Financial result [in EUR m] Underlying net income [in EUR m] -17% +8% 25 100 80 0 70 76 60 40 -25 -28 -24 -50 20 0 Q1 2015 | May 3, 2016 | Q1 2016 Continuing operations Q1 2015 Q1 2016 | Page 13 1 2 3 4 Q1 2016 – Financial Performance Review Broadcasting German-speaking: continued solid revenue and recurring EBITDA improvement External revenues and recurring EBITDA [in EUR m] Q1 2016 Q1 2015 y-o-y 493 471 +5% 454 437 +4% Distribution 29 26 +14% Rec. EBITDA 131 126 +4% Ext. revenues TV advertising | May 3, 2016 | Continuing operations; recurring EBITDA on entity basis. Comments TV advertising business benefitted from continued positive advertising environment and minor positive effect due to earlier Easter. Distribution revenues again driven by continued strong demand for HD channels as well as increased mobile revenues. Rec. EBITDA increase almost in line with revenue growth. | Page 14 1 2 3 4 Q1 2016 – Financial Performance Review Digital & Adjacent: successful acquisitions drive segment revenue and recurring EBITDA External revenues and recurring EBITDA [in EUR m] Ext. revenues Digital Entertainment Ventures & Commerce Adjacent Rec. EBITDA Q1 2016 Q1 2015 y-o-y Comments 242 138 +75% 86 52 +66% 146 70 +110% 9 17 -44% Dynamic revenue growth in Digital Entertainment and Ventures & Commerce primarily driven by consolidation effects as well as strong growth of maxdome. Adjacent affected by missing live events with former ProSieben host Stefan Raab and slow-down in Live Entertainment. 35 | May 3, 2016 | 27 +29% Continuing operations; recurring EBITDA on entity basis. Rec. EBITDA increase below revenue growth partly due to strong growth of lower-margin businesses. | Page 15 1 2 3 4 Q1 2016 – Financial Performance Review Content Production & Global Sales: continued double-digit revenue growth and notably improved profitability External revenues and recurring EBITDA [in EUR m] Q1 2016 Ext. revenues Total revenues Rec. EBITDA | May 3, 2016 | Q1 2015 y-o-y 63 46 +38% 76 56 +37% 5 1 >100% Continuing operations; recurring EBITDA on entity basis. Comments Continued solid revenue growth mainly driven by US production business as well as Red Seven Entertainment. Positive consolidation effects from the acquisition of Karga Seven and Dorsey Pictures. Solid rec. EBITDA margin well above prior year. | Page 16 1 2 3 4 Q1 2016 – Financial Performance Review Q1 2016: Group P&L – improvement of all key metrics Δ [in EUR m] Q1 2016 Q1 2015 Revenues 802 655 +22% Recurring EBITDA 170 153 +12% -9 -7 +25% -3 -1 +127% 162 146 +11% -39 -29 +37% Thereof PPA -10 -4 >+100% Operating result (EBIT) 122 117 +5% -24 -28 -17% -26 -21 +20% 99 89 +11% 66 61 +9% 76 70 +8% Non-recurring items Thereof M&A-related EBITDA Depreciation and amortization Financial result Thereof interest result Earnings before tax (EBT) Net income 1) Underlying net income | May 3, 2016 | Continuing operations; 1) Result for the period attributable to shareholders of ProSiebenSat.1 Media SE. | Page 17 1 2 3 4 Q1 2016 – Financial Performance Review Financial leverage at the end of Q1 2016 well inside target range of 1.5-2.5x net debt to recurring EBITDA Net debt [in EUR m] Net financial debt 2,500 26 1.7x 523 609 2,000 2.1x 342 1,500 1,000 M&A spend to a large extent covered by strong FCF generation from operating activites of >EUR 500m (LTM) 1,953 1,500 500 0 31/03/2015 | May 3, 2016 | 2014 dividend payment M&A spend Other 1) FCF before 31/03/2016 M&A Financial leverage Financial leverage: Net debt/LTM rec. EBITDA (LTM rec. EBITDA of EUR 943m (previous year: EUR 860m) for continuing operations); 1) Mainly repayment of finance lease liabilities, dividend payments to non-controlling interests, payments for businesses without change in control and financing costs. | Page 18 1 2 3 4 Q1 2016 – Financial Performance Review Financial outlook for 2016 Group revenue growth (in %) >+10% Recurring EBITDA above prior year Underlying net income above prior year Financial leverage | May 3, 2016 | 1.5x – 2.5x | Page 19 May 3, 2016 Broadcasting German-speaking & Red Arrow Thomas Ebeling Chief Executive Officer | May 3, 2016 | | Page 20 1 2 3 4 Broadcasting German-speaking & Red Arrow Germany with slower start while Austria performs strongly Audience share [in %] Germany (A 14-49) Austria (A 12-49) Switzerland (A 15-49) | May 3, 2016 | Q1 2016 Q1 2015 28.1% 28.9% 23.5% 21.5% 18.2% 18.3% Basis for GER: All German TV households (GER+EU/German-speaking), A 14-49; Mon-Sun, 3-3 h; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland; Basis for A: A 12-49; Mon-Sun, 3-3 h, incl. P7 MAXX Austria and S1 Gold Austria (from Jul 15, 2014 onwards); Basis for CH: D-CH; A 15-49; Mon-Sun, 3-3 h, incl. PULS 8 (from Oct 08, 2015 onwards); Source: Mediapulse TV-Panel. Source: AGTT / GfK: Fernsehforschung / Evogenius Reporting. | Page 21 1 2 3 4 Broadcasting German-speaking & Red Arrow We see an upward trend from February onwards … Audience share development Germany (A 14-49) [in %] +0.4 +1.1 28.8 28.4 27.3 January 2016 February 2016 | May 3, 2016 | March 2016 Basis: All German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland. | Page 22 1 2 3 4 Broadcasting German-speaking & Red Arrow … and maintain our leading position in the German market Audience share (A 14-49)1) [Q1 2016; in %] 28.1 Share of advertising2) [Q1 2016; in %] ∆ +2.6 %pts 25.5 42.4 ∆ +8.9 %pts 33.5 | May 3, 2016 | 1) Basis: All German TV households (German-speaking), A 14-49, Mon-Sun, 3-3 h; RTL Mediengruppe w/o RTL II minority; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland. 2) Gross values; Source: Nielsen Media Research / SevenOne Media, Sales Steering & Market Insights. | Page 23 1 2 3 4 Broadcasting German-speaking & Red Arrow Our targeted channels represent 13% of the entire niche market Share of non-top 10 channels in German TV market [FY; A 14-49; in %] ∑29% (=100%) 13%1) ∑ 18% (=100%) 1) 1% 2010 | May 3, 2016 | 2015 1) Sum of P7S1 niche channel audience share as % of sum of audience share of non-top 10 channels; Basis: All German TV households (GER+EU), A 14-49; Mon-Sun, 3-3 h; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland. | Page 24 1 2 3 4 Broadcasting German-speaking & Red Arrow We will launch a new channel to complement our broad portfolio Our channel portfolio (Germany) Key target groups A 14-59 male Launch Q3 2016 Documentary channel Documentary channel M 40-65 A 14-59 RTLNITRO A 14-39 old young A 14-49 F 14-39 F 40-64 female M 14-39 Further channel concepts under evaluation | May 3, 2016 | Source: ProSiebenSat.1 TV Deutschland | Page 25 1 2 3 4 Broadcasting German-speaking & Red Arrow Successful commissioned, license and event formats in Q1 Examples (Local) commissioned GNTM (US) license The Big Bang Theory TVOG Kids Events The X-Files NFL/Superbowl Up to Up to Up to Up to Up to 19.7% 14.3% 20.5% 19.7% 43.8%1) Kiss Bang Love Die Hebamme 2 Supergirl Up to 14.1% | May 3, 2016 | 13.5% ZOO Oscars Up to Up to Up to 18.0% 16.6% 28.6% Basis: All German TV households (German-speaking), A 14-49; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland; 1) Up to 50.7% for Q4. | Page 26 1 2 3 4 Broadcasting German-speaking & Red Arrow True blockbuster character of GNTM in its 11th season Case Study Video views2) Audience share linear TV1) First 9 episodes [A 14-49; in %] First 9 episodes [Video views; in m] ∆ +2.2 %pts ∆ +43% 17.1 25.1 17.6 14.9 2015 2016 2015 2016 Owned & operated online reach incl. online live stream, full episode catch-up and short clips | May 3, 2016 | 1) Average of first 9 episodes of each season; Basis: All German TV households (GER+EU/German-speaking), A 14-49; 2) Channel websites + 7TV app/SmartTV (live-streaming w/o 7TV app) + HbbTV + MyVideo + Syndication from season start until 9th episode 2015 and 2016, excl. YouTube; Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland. | Page 27 1 2 3 4 Broadcasting German-speaking & Red Arrow Many of our proven commissioned titles will return… Examples (Local) commissioned pipeline The Voice of Germany The Taste Promi Big Brother Superkids Einstein (series) Gödde on Tour Bitte melde dich 3,2,1 Musik | May 3, 2016 | Source: ProSiebenSat.1 TV Deutschland | Page 28 1 2 3 4 Broadcasting German-speaking & Red Arrow …and we will continue to air top US blockbuster movies & series Examples (US) license series pipeline (US) license blockbuster pipeline Transformers IV The HG: Mockingjay I Blindspot Limitless Godzilla 12 Years a Slave Legends of Tomorrow CM: Beyond Borders | May 3, 2016 | Source: ProSiebenSat.1 TV Deutschland | Page 29 1 2 3 4 Broadcasting German-speaking & Red Arrow RA already contributes >20% of our new local commissions Examples of successful local in-house formats in German Free TV >20% of commissioned new launches come from Red Arrow1) | May 3, 2016 | Audience share [A 14-49; in %] Kiss Bang Love Married At First Sight The Taste Up to 14.1%2) Up to 12.2%3) Up to 10.7%3) Source: AGF in cooperation with GfK / TV Scope / ProSiebenSat.1 TV Deutschland; 1) Red Arrow Entertainment Group share of absolute number of new commissioned formats in 2015; 2) 2016; 3) 2015. | Page 30 1 2 3 4 Broadcasting German-speaking & Red Arrow Red Arrow‘s on-air shows engage audiences worldwide | May 3, 2016 | Amazon Prime Season 2 A&E / FYI Season 3 Season 3 already commissioned #7 in Top 150 US cable shows Sky 1 Season 10 ProSieben Premiere Biggest series launch since 2010 27.0% share among A 14-29 | Page 31 1 2 3 4 Broadcasting German-speaking & Red Arrow Red Arrow with best Q1 financial performance since launch External revenues [in EUR m] Recurring EBITDA [in EUR m] +38% >+100% 63 5 46 1 Q1 2015 Q1 2016 | May 3, 2016 | Q1 2015 Q1 2016 | Page 32 1 2 3 4 Broadcasting German-speaking & Red Arrow Broadcasting German-speaking & Red Arrow: outlook 2016 1 Focus on core channels ProSieben and Sat.1 2 Launch new docu/factual channel to broaden portfolio 3 Leverage TVD - Red Arrow relationship for content creation | May 3, 2016 | | Page 33 May 3, 2016 Broadcasting German-speaking Ad Market Performance Thomas Ebeling Chief Executive Officer | May 3, 2016 | | Page 34 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Positive development in Q1 2016 P7S1 German-speaking TV net advertising revenue growth of +4% ✔ Continued increase of TV share in media mix1) ✔ Continued positive pricing development ✔ Growing number of addressable TV campaigns ✔ | May 3, 2016 | 1) Source: Nielsen Media Research; Note: gross figures excl. YouTube and Facebook. | Page 35 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Advertising share in German-speaking markets ProSiebenSat.1 gross TV ad market share [in %] Q1 2016 Q1 2015 Germany 42.4% 43.6% Austria 36.3% 35.7% Switzerland 28.0% 29.0% | May 3, 2016 | Basis: Q1 2016; Source: Nielsen Media Research / Media Focus. | Page 36 1 2 3 4 Broadcasting German-speaking / Ad Market Performance TV continues to benefit at the expense of other media Gross ad spendings, Germany [Q1 2016 vs. Q1 2015; in % and %pts] Share of segment Change in media mix 100.0% Total TV 47.7% Online 10.4% Radio 6.1% Newspapers 16.6% Magazines 12.8% Outdoor, Cinema | May 3, 2016 | 6.4% +1.5%pts -0.9%pts +0.1%pts -0.4%pts -0.9%pts +0.6%pts Basis: Q1 2016; Source: Nielsen Media Research. Online excl. search, affiliate and others not reporting their bookings to Nielsen (e.g. YouTube, Facebook). | Page 37 1 2 3 4 Broadcasting German-speaking / Ad Market Performance 8 out of 10 biggest industries increased TV budgets Gross TV ad spendings of top 10 TV industries, Germany [Q1 2016 vs. Q1 2015; in EUR m; % and %pts] in EUR m 313 Total in EUR m Share Δ 3,333 100.0% +10.4% +1.5%pts Δ TV in media mix Trade & Shipment 17 456 13.7% +3.8% +1.9%pts Food 18 434 13.0% +4.4% -0.5%pts 423 12.7% +33.8% +4.0%pts 107 Business Services 63 Cosmetics & Toiletries 31 Pharmacy Telecommunication -9 10 Motor Vehicles 33 Beverages Finance Detergents | May 3, 2016 | -13 9 375 11.3% +20.1% +1.9%pts 241 7.2% +14.9% +1.9%pts 201 6.0% -4.5% +0.1%pts 180 5.4% +6.0% +1.3%pts 139 4.2% +31.6% +2,4%pts 125 3.8% -9.5% +0.6%pts 85 2.6% +11.3% +1.0%pts Basis: Q1 2016; Source: Nielsen Media Research (excl. Media & Publishing and Other Advertising). | Page 38 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Online businesses further shift ad spendings to TV TV share in media mix of eCommerce and online services [in %] +13pts% 73 74 2015 Q1 2016 61 2011 Online businesses value the power of TV | May 3, 2016 | | Page 39 1 2 3 4 Broadcasting German-speaking / Ad Market Performance CPT increase of all ProSiebenSat.1 core channels in Q1 Gross CPT growth [Q1 2016 vs. Q1 2015; in %] 4.5 3.7 2.9 1.2 -1.2 | May 3, 2016 | CPT = Cost Per Thousand; Basis: all TV households in Germany (GER+EU/German-speaking); A 14-49, Mon-Sun, 3-3 h; Source: AGF in cooperation with GfK / TV Scope / SevenOne Media / Pricing & Media Strategy. | Page 40 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Innovation leader in HbbTV-enabled addressable TV ad business 20 campaigns SwitchIn XXL 12 clients in Q1 Walt Disney Opel Lexus Canon Electronic Arts Tirol E WIE EINFACH Ferrero Eurowings SwitchIn Spot overlay | October | May 3,29, 2016 2015 | | | Page 41 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Relaunch of non-linear HbbTV platform in H2 2016 Possible HbbTV product features | October | May 3,29, 2016 2015 | | Catch Up Commerce Trailer Gaming EPG Studio71 Content Live Votings Timeshift | Page 42 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Launch of channel apps to strengthen TV brands • Strengthening the ProSiebenSat.1 TV brands and complementing 7TV • Serving the increasing demand of our audiences for their favorite channels • Providing brand related content any time and place | May 3, 2016 | | Page 43 1 2 3 4 Broadcasting German-speaking / Ad Market Performance TV benefits from increasing awareness of digital ad weak points Ad Fraud 10-20% of digital reach fraudulent by robot traffic Viewability 63% of digital advertising not viewable Autoplay 51% of digital videos not started by consumer Quality 15% of digital advertising in environments with risks to brands Ad Clutter Digital advertising not effective due to ad clutter Ad Blocker 25% ad block usage in Germany | May 3, 2016 | Sources: Integral Ad Science, “Bericht zur Mediaqualität 2015“; Adobe AdBlocking Report August 2015. | Page 44 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Our digital quality management suite ProSiebenSat.1 digital quality management suite SevenOneMedia Anti Ad Blocker Integral Ad Science Ad Intensity Steering Proprietary anti-ad blocker solution Portfolio screening of all managed inventory to prevent robot traffic Focus on exclusive BigAds forms to avoid ad clutter and reduction of ad intensity | May 3, 2016 | | Page 45 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Sports effects with limited impact on annual TV ad spend … German net TV ad market growth Net TV ad market growth rate +4.0% +2-3% +2-3% 2015E 2016E + 2.2 % + 1.4 % + 0.7% 2011 2012 | May 3, 2016 | 2013 2014 Source: ZAW (2010-2014); ProSiebenSat.1 estimate, 2015E, 2016E. | Page 46 1 2 3 4 Broadcasting German-speaking / Ad Market Performance … however deviating seasonality within sports year 2016E German net TV ad market growth Market comments Estimated net TV ad market growth rate [in %] • Q1 2016 stronger due to earlier Easter • Sports events to trigger pull-forward effects to April and May Ø Q1 Q2 | May 3, 2016 | Q3 Source: ProSiebenSat.1 estimate, 2016E. Q4 • June likely to be weaker, H1 performance therefore strongly depends on June • H2 not significantly affected by sports events | Page 47 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Solid single-digit net TV ad market growth forecast German net TV ad market estimates 2016 +4.3% +2.5% +4.3% +2-3% ProSiebenSat.1 internal market estimate | May 3, 2016 | Source: Warc International Ad Forecast 2015/2016 (Dec. 2015); ZenithOptimedia Advertising Expenditure Forecasts (Mar. 2016); Magna Global (Broadcast TV, Dec. 2015); SevenOne Media own estimate. | Page 48 1 2 3 4 Broadcasting German-speaking / Ad Market Performance Sales outlook 2016 1 German net TV ad market growth of +2-3% 2 P7S1 to grow in line with positive net TV ad market 3 Continued increase of TV share in media mix 4 Further increase of CPTs | May 3, 2016 | | Page 49 May 3, 2016 Broadcasting German-speaking Distribution Thomas Ebeling Chief Executive Officer | February 25, 2016 | | Page 50 1 2 3 4 Broadcasting German-speaking / Distribution Strong revenue growth continued External revenues [in EUR m] +14% 29 26 Q1 2015 | October | May 3,29, 2016 2015 | | Q1 2016 | Page 51 1 2 3 4 Broadcasting German-speaking / Distribution Dynamic increase of HD subscriptions in Q1 2016 HD subscriber development [in m] +17% 9.2 +0.9m vs. Q1 2015 6.5 5.6 4.6 3.3 1.2 Q1 2012 | May 3, 2016 | Q1 2013 Q1 2014 Q1 2015 Q1 2016 CMD target 2018 Note: HD Free-to-air subscribers shown; paying subscriber figures as reported by platform partners (EoP; subject to subsequent adjustments by platform partners). | Page 52 1 2 3 4 Broadcasting German-speaking / Distribution Continued strong Distribution presence Reach Cable Satellite IPTV Terrestrial 1.9m HH3) (5% to total HH) Mobile1) >4m unique users4) Phones/ tablets >70m devices5) Connected Smart TVs >10m devices6) Streaming devices >2m devices6) FTA via platforms FTA via P7S1 app (live and/or catch-up) and mobile aggregator 2) 16.5m HH3) (42% of total HH) 17.9m HH3) (46% of total HH) 2.6m HH3) (7% of total HH) • Profitable longterm deals • Addressing all linear and nonlinear TV for content consumption • Strong presence for reach and ad-revenue monetization Maxdome placement 1) Complementary to cable, satellite, terrestrial and IPTV distribution; 2) Deep tariff integration on Unitymedia and TeleColumbus; 3) Astra Monitor report 2015 published 03/2016 (adjusted data base on new official population statistics), Telekom publications | Page 53 | February | May 3,25, 2016 2016 | | and P7S1 assumptions; 4) Unique users per month, company publications, AGOF figures and P7S1 assumptions; 5) SNL Kagan and P7S1 assumptions; 6) Digitalisierungsbericht, SNL Kagan and P7S1 assumptions. May 3, 2016 Digital & Adjacent Thomas Ebeling Chief Executive Officer | October 29, 2015 | | Page 54 1 2 3 4 Digital & Adjacent Our market leading D&A portfolio Q1 revenue split Market position A Digital Entertainment 36% C Ventures & Commerce AdVoD Travel Top #1 #2 3 #13) #12) #1 PayVoD Top 34) 35) Top #1 #1 #11) 5 Top #1 Games Top 5 Beauty & Accessories #2 Online Comparison #1 Top 5 #1 #2 B 60% 4% Adjacent Music, Artist Mgmt., Licensing Sports #1 Top 5 Ventures #1 (M4R/E) #5 New | |June May 29, 3, 2016 2016| | Leading German VC investor 1) Nordics; 2) Studio71 #1 MCN DE, top 5 globally; 3) Yieldlab #1 Premium SSP in DACH; 4) SVoD market DE, according to forsa; 5) Mobile and PC games publishers Europe, excluding direct publishing by developers. | Page 55 1 2 3 4 Digital & Adjacent 2016 starts with significant y-o-y revenue growth … External revenues [in EUR m] Entity rec. EBITDA [in EUR m] +75% +29% 242 35 27 138 Q1 2015 Q1 2016 | October | May 3,29, 2016 2015 | | Q1 2015 Q1 2016 | Page 56 1 2 3 4 Digital & Adjacent … driven by strong performance of Commerce and Entertainment Revenues [Q1 2016] Revenue growth [Q1 2016 vs. Q1 2015] Revenue growth (%) [Q1 2016 vs. Q1 2015] | October | May 3,29, 2016 2015 | | Digital Entertainment Ventures & Commerce Adjacent EUR EUR EUR 86m 146m 9m EUR EUR EUR 34m 76m -7m +66% +110% -44% | Page 57 1 2 3 4 Digital & Adjacent A We maintain #1 position in the German premium video ad market Online video advertising market Germany1) [in EUR m] Channel websites #1 +40% 124 in premium video ad market1) +37% video unique users2) 88 Multi-channel network +88% video views in Germany3) Q1 2015 Q1 2016 1) Source: Nielsen Media Research, gross in-stream video ad market revenues Germany (without Google/YouTube, | October | May 3,29, 2016 2015 | | Amazon, Facebook and long-tail ad networks 2) Source: AGOF Internet Facts; Jan 2016 LTM vs. Jan 2015 LTM, 10+ 3) Source: Internal data Q1 2016 vs. PY (Studio71 GER only, excl. Studio71 US). | Page 58 1 2 3 4 Digital & Adjacent A Studio71 is a leading MCN in Germany and globally … #1 MCN in Germany ComScore MCN Ranking, March 20161) #1 Studio71 Global #5 MCN2) Warner Music Broadband TV VEVO TubeOne Networks 1) Source: ComScore YouTube Partners Report Mar 2016 (content views, desktop only, incl. music MCNs, Maker and | October | May 3,29, 2016 2015 | | Fullscreen not listed), Studio71 GER and Studio71 US combined; 2) Source: monthly video views retrieved from company websites, based on SocialBlade “Top 100 YouTube Networks” report (incl. music MCNs). | Page 59 1 2 3 4 Digital & Adjacent A … strongly growing with high reach throughout all channels Strong growth of VV continued … Studio71 global video views1) [in bn] 4.3 0.7 1.3 0m >1,200 Channels 1m 2m 3m Over 3.2m VV/channel >25,200 2.5 1.0 >400m subscribers3) 3.5 1.6 1.7 … with highest reach per channel2) Channels 2.0 >15,900 Channels >51,400 Channels Mar Jun Sep Dec Mar Jun Sep Dec Mar >136,400 2014 2015 2016 Channels 1) Basis: before CDS acquisition pro forma incl. CDS; Source: YouTube CMS, own calculations; 2) Source: | October | May 3,29, 2016 2015 | | monthly video views per company websites; number of channels per SocialBlade as of Mar 2016. Studio71 data per management. Analysis excl. music MCNs; 3) Source: Internal data (Mar 2016). | Page 60 1 2 3 4 Digital & Adjacent A We continue to strengthen and expand our ad tech business Demand Side Platform Supply Side Platform Video ad exchange All “big four” agency groups are customers of Smartstream.TV and/or Virtual Minds | October | May 3,29, 2016 2015 | | Ad server Sales houses / publishers Advertisers / agencies Ongoing European roll-out and new investments Majority of top AGOF publishers use Virtual Minds technologies | Page 61 1 2 3 4 Digital & Adjacent A maxdome continues to grow with new distribution platforms … 1.4m potential households +83% +55% +32% SVoD subscribers1) Total video views2) Total user base3) Top 3 market position | October | May 3,29, 2016 2015 | | 2.5m potential households4) New distribution platforms 1) End of period Q1 2016 vs. end of period Q1 2015; 2) Q1 2016 vs. Q1 2015; 3) Average of period Q1 2016 vs. average of period Q1 2015; 4) Integration in new Entertain service (Telekom). | Page 62 1 2 3 4 Digital & Adjacent A … now improving user experience with curated recommendations New Web New & unique customer proposition Content discovery through curated recommendations OTT Mobile maxdome as trusted film expert | October | May 3,29, 2016 2015 | | | Page 63 1 2 3 4 Digital & Adjacent B Strong success of Starwatch Entertainment music artists 11 Echo awards 7 top 10 chart entries (out of 39 nominations) New By label and music cooperation artists | October | May 3,29, 2016 2015 | | By label releases | Page 64 1 2 3 4 Digital & Adjacent B We have launched 7Sports to build a leading sports ecosystem Great achievements on our sports platforms … … enabled us to build a dedicated sports cluster NEW Reached new record levels: 70m Page Impressions p.m. Digital sports Athlete mgmt. Sports events Sports products TV market share of 50% at NFL Super Bowl 50 Significantly increased monthly traffic: 3m video views p.m. Signed two further German national soccer team players Strong synergy creation 360° monetization of sports rights Digitization of sports consumption Note: Traffic statistics for ran.de and sportdeutschland.tv refer to Jan 2016; SAM Sports and ran FIGHTING are fully owned | October | May 3,29, 2016 2015 | | assets; Sportdeutschland.tv is a majority investment; eversport is a minority investment; National Football League (NFL) and all logos listed under sports products refer to acquired rights. | Page 65 1 2 3 4 Digital & Adjacent C Outstanding etraveli performance is driving our Travel vertical +84% y-o-y revenue growth +85% growth of international business1) | October | May 3,29, 2016 2015 | | 1) Business outside Nordics. | Page 66 1 2 3 4 Digital & Adjacent C Online Comparison pushed by Verivox’ record performance in Q1 Record performance of Verivox in Q1 +38% revenue growth1) Market share gains across all new product categories 80% P7S1 stake | October | May 3,29, 2016 2015 | | 1) Q1 2016 vs. Q1 2015 pro-forma revenues. | Page 67 1 2 3 4 Digital & Adjacent C We continue the expansion of our Beauty & Accessories vertical Beauty & Accessories majority assets Net sales y-o-y +67% Launch of new own brands to strengthen leading position in the sexual wellness market +81% Launch of new Austrian shop laid technical foundation for international store rollout in 2016 +138% Strong private label >50% of jewelry revenues1) 75% P7S1 stake 100% P7S1 stake 51% P7S1 stake | October | May 3,29, 2016 2015 | | 1) Jewelry revenues represent 61% of total revenues. | Page 68 1 2 3 4 Digital & Adjacent C SevenVentures continues to stimulate the TV ad market New deals closed in Q11) Logo Peer-to-peer money lending marketplace Logo Innovative car sale marketplace Logo Producer of organic detox juices Logo Innovative diet drink concept | October May 3,29, 2016 2015 | 1)| Selection | Page 69 1 2 3 4 Digital & Adjacent Digital & Adjacent: outlook 1 Deliver double-digit revenue growth in FY 2016 2 Continue bolt-on M&A and evaluate partnerships to further drive growth 3 Further internationalize our digital verticals | October | May 3,29, 2016 2015 | | | Page 70 May 3, 2016 Q1 2016 Summary & Outlook Thomas Ebeling Chief Executive Officer | May 3, 2016 | | Page 71 1 2 3 4 Q1 2016 – Outlook We confirm our positive full-year guidance Group revenue growth to exceed +10% ✔ Ad performance in line with positive net TV ad market ✔ Digital & Adjacent with double-digit revenue growth ✔ Recurring EBITDA and underlying net income above prior year ✔ | May 3, 2016 | Continuing operations | Page 72 Disclaimer This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, plans and objectives of management and future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward-looking statements or other information stated herein, whether as a result of new information, future events or otherwise. | May 3, 2016 | | Page 73 | May 3, 2016 | | Page 74