ProSiebenSat.1 Media SE

Investor Presentation • May 16, 2022

growing together

Relevant Innovative Value-Creating

CONTENT

AT A GLANCE	3	CONSOLIDATED INCOME
		STATEMENT 14
CURRENT INFORMATION ON
THE FIRST QUARTER OF 2022	5	CONSOLIDATED STATEMENT OF
		COMPREHENSIVE INCOME 15
FINANCIAL INFORMATION ON
BUSINESS PERFORMANCE IN		CONSOLIDATED STATEMENT OF
THE FIRST QUARTER OF 2022	8	FINANCIAL POSITION 16
COMPANY OUTLOOK	13	CONSOLIDATED CASH FLOW
		STATEMENT 18
		FINANCIAL CALENDAR 19
		EDITORIAL INFORMATION 20

AT A GLANCE

– ProSiebenSat.1 Group closes the first quarter of 2022 in line with its expectations and is also proving resilient in economically challenging times due to its synergistic business model. – Group revenues rise slightly by 2% to EUR 954 million, while adjusted EBITDA decreases by 14% to EUR 123 million due to the already announced bringing-forward of programming costs.

– The Group's revenue growth is driven by the Entertainment segment, which posts a significant revenue increase of 9%: Despite changed economic signs due to the Russia/Ukraine war, advertising revenues are growing significantly; the Group's programming strategy focusing on local, relevant and live content is paying off. – Adjusted net income of the Group increases by 14%, at the same time, the Group's adjusted operating free cash flow improves considerably from EUR 82 million to EUR 145 million. – The Group's net financial debt continues to decrease consistently as a result of our clear cash flow orientation; the leverage ratio of 2.1x is well within the target range of 1.5x to 2.5x. – Uncertainties due to the Russia/Ukraine war have an impact on the Group's sector environments, although this does not affect the outlook for the Group's business development based on the current war and sanctions situation as far as can be foreseen. – Against this background and in light of the solid and as expected start to the year, the Group is confirming its full-year outlook.

KEY FIGURES OF PROSIEBENSAT.1 GROUP

in EUR m

	Q1 2022	Q1 2021
Revenues	954	938
Adjusted EBITDA1	123	143
EBITDA	122	138
Operating result (EBIT)	68	80
Adjusted net income2	42	37
Net income	31	66
Adjusted operating free cash flow3	145	82
Free cash flow	103	‒25
Audience share (in %)4	24.9	25.6

	03/31/2022	12/31/2021	03/31/2021
Employees5	7,923	7,906	7,619
Programming assets	1,128	1,145	1,196
Cash and cash equivalents	706	594	594
Net financial debt	1,740	1,852	1,999
Leverage ratio6	2.1	2.2	2.9

1 EBITDA before reconciling items.

2 Net income attributable to shareholders of ProSiebenSat.1 Media SE before the amortization and impairments from purchase price allocations, adjusted for the reconciling items. These include valuation effects recognized in other financial result, valuation effects of put options and earn-out liabilities, valuation effects from interest rate hedging transactions as well as other material one-time items. Moreover, the tax effects resulting from such adjustments are also adjusted. See Annual Report 2021, page 118.

3 For a definition of the adjusted operating free cash flow, please refer to the Annual Report 2021, page 116.

4 ProSiebenSat.1 Group; AGF in cooperation with GfK; market standard: TV; VIDEOSCOPE 1.4; Target group: 14–49 years.

5 Full-time equivalent positions as of reporting date. 6 Ratio net financial debt to adjusted EBITDA in the last twelve months.

» INFORMATION

Due to rounding, it is possible that individual figures do not add up exactly to the totals shown.

CURRENT INFORMATION ON THE FIRST QUARTER OF 2022

ECONOMIC DEVELOPMENTS

Since the beginning of 2022 and with the successive end of COVID-19 restrictions, normality has gradually returned to various areas of life worldwide. At the same time, since the end of February and the outbreak of the Russia/Ukraine war, uncertainties for the global economy and Germany as ProSiebenSat.1 Group's core market have increased again. The sanctions introduced, the intensifying shortage of raw materials, and new disruptions in supply chains are all contributing to this. In contrast, other key economic regions such as the US are less heavily impacted. Against this background, the economic research institutes have adjusted their forecasts for key macroeconomic indicators.

For the German economy, further growth is likely to be closely connected with the development of private consumer spending. How consumer willingness to spend actually behaves will depend to a large extent on the further development of the war in Russia/Ukraine. Most recently, the GfK consumer climate index deteriorated from minus 8.5 points in March to minus 15.7 points in April. A further decline to minus 26.5 points is forecasted for May. In addition, households' purchasing power is being curbed by high inflation. Consumer prices in March were 7.3% higher than in the previous year – a level of inflation last reached more than 40 years ago.

DEVELOPMENT OF RELEVANT MARKET ENVIRONMENTS

ProSiebenSat.1 Group pursues a clear strategy based on synergies and a focus on reach, monetization, and value creation: With our entertainment platforms, we have a very wide reach which we are continually strengthening and monetizing in a variety of ways – directly by marketing advertising spots in the Entertainment segment as well as indirectly via our Commerce & Ventures portfolio. Here we invest advertising time in young digital companies and exchange receive shares in the companies themselves or in their revenues. Our Commerce & Ventures segment is therefore strongly synergistic with our Entertainment business – and we continually review whether we are the best owner for each individual investment and are thus creating value for the Group in the long-term. The Dating & Video segment was also established in line with this principle and is now an important part of our Group that reflects the success of our diversification. ProSiebenSat.1 is not only future-proof and resilient with this business model, the Group also generates strong returns and can offer its shareholders attractive dividends. In planning and managing the Company using the most important performance indicators for us, the holistic view of the Group and the synergies of our business areas form the basis for strategic decisions.

→ Annual Report 2021, Chapter "Strategy and Management System"

In the Entertainment segment, the main revenue driver is the advertising market. This reacts in a very sensitive to the state of the economy, early-cycle way, with private consumer spending in particular correlating closely with investments in advertising. This connection was confirmed again in the first quarter of 2022: After a positive start to the year, March was characterized by consumer restraint in the context of the Russia/Ukraine war. On top of this, advertising bookings were postponed into the second quarter because the Easter date was in April 2022 and thereby later than in the previous year. In this context, our advertising market share, based on the gross revenue figures from Nielsen Media Research, developed stably overall at 35.0% (previous year: 35.2%); the TV advertising market in Germany grew by 4.6% to EUR 3.69 billion compared to the first quarter of 2021, displaying particularly dynamic growth in January.

At the beginning of the year, the success of the Group's programming strategy with its focus on local, relevant and live content was clear, and thus contributed to the positive revenue development in the Entertainment segment. This was also reflected in the German audience market, where the ProSiebenSat.1 station family remained in the lead in the first quarter of 2022 (viewers aged 14 to 49). For instance, the hit format "Germany's Next Topmodel – by Heidi Klum" achieved the highest market shares in prime time in 14 years (on average 22.5%, viewers aged 14 to 49), while the show "The Masked Singer" was also a success with ratings in prime time of over 20% (on average 20.9%, viewers aged 14 to 49). However, the start of the Russia/Ukraine war on February 24, 2022 and the correspondingly increased demand for information shaped the rest of the quarter. The ProSiebenSat.1 stations' market shares among viewers aged 14 to 49 thus amounted to 24.9% overall in the first quarter of 2022 (previous year: 25.6%), while public stations in particular increased their market shares. To meet the increased demand for information due to the Russia/Ukraine war, we have also changed our programming several times since the war began and provided information in special prime time shows on the stations SAT.1 and ProSieben. This trend toward higher demand for information backs up our strategic initiative to establish our own newsroom: Starting from 2023, ProSiebenSat.1 Group will produce news itself and increasingly meet the demand for topicality and an information diversity on all platforms with new magazine formats.

In the Dating & Video segment, we operate with ParshipMeet Group in a profitable, high-growth market environment with a focus on the German-speaking region and North America. This reflects the strategic alignment of our Group, in which value creation and synergies play an essential role. At the same time, the business performance in this segment depends on various factors, including macroeconomic and technological developments as well as regulatory decisions. An IPO of ParshipMeet Group had been planned for 2022 in the first half of the year. However, the current economic situation makes a value-creating transaction difficult, which is why the analysis and preparations – as already communicated in the context of the publication of the Group's full-year figures on March 3, 2022 – are continuing, the right time for a possible IPO however is being awaited.

In the Commerce & Ventures segment, we focus on investments in primarily digital consumer brands: We use our high reach as investment currency, enabling us to market products from both our own brands and our partners efficiently and without large cash investments to an audience of millions. Examples of our majority investments include the online comparison portal Verivox (Consumer Advice), the car rental comparison portal billiger-mietwagen.de (Consumer Advice), the experience and leisure business of Jochen Schweizer mydays (Experiences), and the online beauty provider Flaconi (Beauty & Lifestyle). Due to their focus on consumers, a large proportion of this business is dependent on the general economic development. The Russia/Ukraine war is particularly affecting the energy market, where we operate with our comparison portal Verivox. Sharply rising energy prices are having a corresponding negative impact on market dynamics. However, the decisive factor for the comparison portal's business situation is not so much the price level per se, but rather functioning competition. In addition, the removal of the Renewable Energy Act (EEG) levy, that has been resolved for the summer, should have a beneficial effect.

Against the backdrop of the Russia/Ukraine war, ProSiebenSat.1 Group's overall risk situation has increased in comparison to the end of 2021 due to the following developments:

As of the end of the first quarter of 2022, the probability of occurrence of general sector risks in the Entertainment and Dating & Video segments has increased. However, these risks only reflect changes in the external environment, whereby these do not currently impact the outlook for the Group's business performance. We now rate these risks as overall high risks (previously: medium) with a very high impact and possible occurrence (previously: unlikely). The Group's macroeconomic risks are still rated as a high risk with a potentially very high impact and a possible likelihood of occurrence. All other risks reported by the Group at the end of 2021 have essentially not changed in the first quarter of 2022.

→ Company Outlook

Accordingly, we estimate that there are currently no risks that, individually or in combination with other risks, could have a material or lasting adverse effect on the earnings, financial position and performance of the Group. The identified risks pose no threat to the Group as a going concern, even looking into the future. The opportunity situation has not changed compared to the end of 2021. → Annual Report 2021, Chapter "Risk and Opportunity Report"

EVENTS AFTER THE REPORTING PERIOD

On May 5, 2022, the shareholders of ProSiebenSat.1 Media SE approved all proposed resolutions by a majority at the Annual General Meeting for the past financial year 2021. This approval expresses their confidence in the Group's strategy and management.

The shareholders confirmed Dr. Andreas Wiele's position on the Supervisory Board and elected Bert Habets as a new Supervisory Board member. Prof. Dr. Rolf Nonnenmacher, who has been on the board since 2015, was re-elected as a Supervisory Board member. The Annual General Meeting, which was held virtually again this year due to the COVID-19 pandemic, thus followed the Supervisory Board's proposals for candidates.

Dr. Andreas Wiele, a former Executive Board member at Axel Springer SE, has already been on the ProSiebenSat.1 Supervisory Board since February 2022 as a court-appointed member and was confirmed as such at the Annual General Meeting. He took over from Adam Cahan, who had resigned from his position in November 2021. Following the meeting, the Supervisory Board elected Dr. Andreas Wiele as its new Chairman. As proposed, Dr. Andreas Wiele is thus taking over from Dr. Werner Brandt, who had decided not to again stand for re-election as a Supervisory Board member after eight years and two periods in office.

As well as electing the Supervisory Board members, the shareholders of ProSiebenSat.1 Media SE also resolved at the Annual General Meeting to distribute a dividend of EUR 0.80 per dividendbearing share. This corresponds to a year-on-year increase of 63% (previous year: EUR 0.49) and is in line with the company's dividend policy of distributing around 50% of the Group's adjusted net income as a dividend. The dividend was paid out on May 10, 2022.

In other agenda items, this year's Annual General Meeting granted discharge to the Executive Board and Supervisory Board for the financial year 2021.

FINANCIAL INFORMATION ON BUSINESS PERFORMANCE IN THE FIRST QUARTER OF 2022

ProSiebenSat.1 Group's revenues developed as expected in the first quarter of 2022: Despite the economically challenging market environment, Group revenues grew to EUR 954 million (previous year: EUR 938 million). This represents an increase of 2% or EUR 16 million compared to the previous year. Adjusted for currency effects and portfolio changes, the Group's revenues rose by 3% to EUR 28 million compared to the previous year.

EXTERNAL REVENUES BY SEGMENT

in EUR m

	Q1 2022	Q1 2021	Absolute change	Change in %
Entertainment	663	610	53	8.6
Dating & Video	132	141	‒9	‒6.7
Commerce & Ventures	160	187	‒28	‒14.8
Revenues	954	938	16	1.7

The development of the Group's revenues was driven by the Entertainment segment. Here, external revenues amounted to EUR 663 million in the first quarter of 2022 (previous year: EUR 610 million), a significant increase of 9% or EUR 53 million on the previous year's figure. Adjusted for currency effects and portfolio changes, the growth also amounted to 9%. The revenue increase was mainly due to higher advertising revenues compared to the previous year. The advertising market developed dynamically in the first two months of the year, whereas March was characterized by a decline in advertising bookings. This was particularly the result of postponements in advertising bookings into the second quarter of 2022 due to the by around two weeks later Easter date in April compared to the previous year, as well as uncertainties following the Russia/Ukraine war. Despite these influencing factors, in the first quarter of 2022 the Entertainment segment's advertising revenues grew by a total of 10% compared to the previous year's period.

Revenues in the Content business increased by 13% in the first quarter of 2022 despite a contrary effect due to the disposal and deconsolidation of the film distributor Gravitas Ventures of EUR 11 million in November 2021. Adjusted for portfolio effects, the growth amounted to 27%.

External revenues in the Dating & Video segment amounted to EUR 132 million; this is a decline of EUR 9 million or adjusted for currency effects of EUR 16 million. However, the previous-year period is characterized by record revenues: On a pro forma basis, taking into account The Meet Group's revenues for the first quarter of 2020, the segment increased by 36% in the first quarter of 2021. Government economic aid stimulated private consumption in the first quarter of 2021 as part of the largest stimulus package in the history of the US. This also had a very positive effect on the use and monetization of our video offerings in the US region. In addition, live video streaming had gained in relevance during the pandemic and the associated restrictions on social contact. Compared to the first quarter of 2019, the comparable period before the outbreak of the pandemic, the segment grew by an average of 11% per year on a pro forma basis.

In the Dating unit, our US subsidiary eharmony in particular continues to develop positively in the first quarter of 2022 and is now the largest brand in our dating portfolio. Overall, the Dating unit contributed EUR 68 million, or 51%, of the segment's external revenues (previous year:

EUR 70 million). The Video unit generated a revenue contribution of EUR 64 million (previous year: EUR 71 million). Here, we not only use our live video streaming solution vPaaS (video-Platform-as-a-Service) for our own offerings – we also provide the technology to third parties to generate additional revenues. The resulting revenue contribution grew strongly in the first quarter of 2022.

In the Commerce & Ventures segment, external revenues amounted to EUR 160 million (previous year: EUR 187 million), a 15% decline compared to the first quarter of 2021. Adjusted for currency effects and portfolio changes, the revenue decline was 7%. The Group pursues an active portfolio management with a focus on synergies and had sold and deconsolidated the companies Amorelie (Beauty & Lifestyle) and moebel.de (Beauty & Lifestyle) at the end of 2021.

As communicated at the Annual Press Conference on March 3, 2022, the revenue development is also shaped, among other things, by high energy prices, which influenced the business of the comparison portal Verivox (Consumer Advice). Given sharply rising energy prices and low potential savings, end customers' willingness to switch their electricity or gas provider is currently low. In contrast, the rental car comparison portal billiger-mietwagen.de (Consumer Advice) and the experience and leisure business of Jochen Schweizer mydays (Experiences) reported growth rates in the first quarter of 2022; both companies are growing significantly again, even though the COVID-19 restrictions were still in effect throughout the quarter. In addition, the investment vehicle SevenGrowth and the media-for-equity and media-for-revenue businesses of SevenVentures noticeably increased their revenues.

EXTERNAL REVENUES

in EUR m

	Entertainment		Dating & Video		Commerce & Ventures		Total Group
	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Advertising revenues	483	440	—	—	36	31	519	472
DACH	427	391	—	—	36	31	462	422
Rest of the world	57	50	—	—	—	—	57	50
Distribution	44	44	—	—	—	—	44	44
Content	116	103	—	—	—	—	116	103
Europe	53	35	—	—	—	—	53	35
Rest of the world	63	68	—	—	—	—	63	68
Dating & Video	—	—	132	141	—	—	132	141
Dating	—	—	68	70	—	—	68	70
Video	—	—	64	71	—	—	64	71
Digital Platform & Commerce	—	—	—	—	123	155	123	155
Consumer Advice	—	—	—	—	42	50	42	50
Experiences	—	—	—	—	16	11	16	11
Beauty & Lifestyle	—	—	—	—	65	94	65	94
Other revenues	19	22	—	—	1	1	20	23
Total	663	610	132	141	160	187	954	938

The Group's adjusted EBITDA declined in the first quarter of 2022 in particular due to the already announced bringing-forward and the associated increase in programming expenses and amounted to EUR 123 million (previous year: EUR 143 million). This development is in line with the Group's expectations since ProSiebenSat.1 brought forward its programming costs in view of the World Soccer Championship in the fourth quarter of 2022 and thus increased them year-on-year in the first quarter of 2022. In addition to the higher programming expenses of EUR 16 million or 7% totaling EUR 243 million (previous year: EUR 227 million), the disposal and deconsolidation of Gravitas Ventures also had an impact. The film distribution company contributed earnings of EUR 6 million in the comparative period. Program production costs also increased as a result of growth. This increased the Group's costs affecting adjusted EBITDA to EUR 837 million (previous year: EUR 802 million), which therefore rose by EUR 35 million or 4% compared to the previous year.

ADJUSTED EBITDA BY SEGMENT

in EUR m

	Q1 2022	Q1 2021	Absolute change	Change in %
Entertainment	91	97	‒6	‒6.1
Dating & Video	22	33	‒11	‒33.3
Commerce & Ventures	13	17	‒3	‒19.9
Reconciliation (Holding & other)	‒3	‒4	1	‒20.8
Total adjusted EBITDA	123	143	‒19	‒13.6

In the Entertainment segment, adjusted EBITDA decreased by 6% or EUR 6 million to EUR 91 million. This development primarily reflects the bringing-forward of programming expenses and thus led to increased programming costs, as expected and announced. In addition, the abovementioned shift in advertising bookings and the deconsolidation of Gravitas Ventures had an effect on profitability.

The Dating & Video segment reported adjusted EBITDA of EUR 22 million in the first quarter of 2022 (previous year: EUR 33 million) and thus a decline of EUR 11 million. This development is primarily due to the revenue decline compared to the record previous-year period, which marked the segment's strongest quarter so far due to government stimulus in the US as well as the high usage of dating and video platforms caused by the pandemic restrictions. In addition, higher marketing expenses had an effect, that was primarily growth-related at eharmony.

The adjusted EBITDA of the Commerce & Ventures segment amounted to EUR 13 million in the first quarter of 2022 (previous year: EUR 17 million) and thus posted a decline of EUR 3 million. As expected, this was also impacted by the high energy prices and the resulting lower savings potential for end customers from switching electricity or gas providers, which affected the business of Verivox.

Against the background of the segment developments described above, the Group's EBITDA declined by 12% or EUR 16 million to EUR 122 million in the first quarter of 2022. In this period, EBIT amounted to EUR 68 million (previous year: EUR 80 million).

	Q1 2022	Q1 2021	Absolute change	Change in %
Adjusted EBITDA	123	143	‒19	‒13.6
Reconciling items	‒1	‒5	3	‒70.0
EBITDA	122	138	‒16	‒11.7
Depreciation, amortization and impairments	‒54	‒58	4	‒7.2
thereof from purchase price allocations	‒10	‒14	4	‒26.8
Operating result (EBIT)	68	80	‒12	‒15.0
Financial result	‒18	‒7	‒11	~
Income taxes	‒19	‒7	‒13	~
Net income	31	66	‒36	‒53.7

RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME in EUR m

ProSiebenSat.1 Group's financial result amounted to minus EUR 18 million in the first quarter of 2022 (previous year: EUR -7 million). This is due to the development of the other financial result, which declined to minus EUR 4 million (previous year: EUR 15 million). The largest single item here is the valuation effect from other financial instruments, which is primarily attributable to the investment in ABOUT YOU (EUR -20 million). Even after the IPO in June 2021, SevenVentures – as the investment arm of ProSiebenSat.1 Group – holds shares of 1.4% in the online fashion retailer and acts as a strategic media partner.

In the first quarter of 2022, ProSiebenSat.1 Group recorded expenses from income taxes of EUR 19 million (previous year: EUR 7 million). The year-on-year increase resulted primarily from a reconciling item in 2021 due to the preferential trade tax treatment of amounts from taxation under the controlled foreign corporation (CFC) rules, which led to a reduction in tax expense in the previous year. For the above reasons, net income decreased by EUR 36 million to EUR 31 million in the first quarter of 2022 (previous year: EUR 66 million).

By contrast, adjusted net income grew by 14% year-on-year to EUR 42 million (previous year: EUR 37 million). The increase is mainly due to the valuation effects adjusted for in the other financial result.

RECONCILIATION OF ADJUSTED NET INCOME

in EUR m Q1 2022 Q1 2021 Absolute change Change in % Net income 31 66 ‒36 ‒53.7 Reconciling items within EBITDA 1 5 ‒3 ‒70.0 Reconciling items under EBITDA 10 ‒28 38 ~ Subtotal 42 43 ‒1 ‒1.7 Net income attributable to adjusted non-controlling interests 0 ‒6 6 ~ Adjusted net income 42 37 5 14.5

ADJUSTED OPERATING FREE CASH FLOW

in EUR m

	Q1 2022	Q1 2021
Adjusted EBITDA	123	143
Consumption of programming assets incl. change in provisions for onerous contracts	230	213
Change in provisions	0	7
Change in working capital	‒45	‒45
Investments	‒175	‒255
thereof programming assets	‒139	‒205
thereof other investments	‒36	‒50
Other1	11	18
Adjusted operating free cash flow	145	82

1 Comprises adjustments from reconciling items within EBITDA, included in the cash flow positions consumption of programming assets incl. change in provision for onerous contracts, change in provisions, change in working capital and investments.

In the first quarter of 2022, the Group's adjusted operating free cash flow increased significantly by EUR 63 million to EUR 145 million. This development is mainly attributable to lower investments in US licensed programming and a postponement of investments. The former reflects our programming strategy, to focus more on local, relevant and live content. In our digital world, this is becoming an increasingly important factor in the competition with multinational streaming providers.

The Group's net financial debt amounted to EUR 1,740 million as of March 31, 2022 (December 31, 2021: EUR 1,852 million; March 31, 2021: EUR 1,999 million). This figure thus improved by a further EUR 258 million compared to the end of the previous year's quarter or by EUR 111 million compared to the end of 2021. This reflects the Group's effective cash flow management and thus the consistent debt reduction. The leverage ratio (ratio of net financial debt to Group's LTM adjusted EBITDA) decreased accordingly to 2.1x at the end of the first quarter of 2022 (December 31, 2021: 2.2x; March 31, 2021: 2.9x) and is therefore clearly within the target range of 1.5x to 2.5x. As well as the lower net financial debt, this is due to the positive development of adjusted EBITDA in the last twelve months.

COMPANY OUTLOOK

ProSiebenSat.1 Group closed the first quarter of 2022 in line with its expectations and is also well positioned for the future due to its very synergistic business model: Accordingly, the Group is confirming its full-year outlook published on March 3, 2022 despite the Russia/Ukraine war, the ongoing pandemic, and burdens on the consumer climate. This outlook did not take into account possible negative effects of the Russia/Ukraine war and other negative effects due to the COVID-19 pandemic that were not yet foreseeable at the time of publication of the full-year outlook.

Uncertainties caused by the war are impacting the Group's sector environments but, as far as can be foreseen at present, are not affecting the outlook for the Group's business development. The outlook confirmation for the full-year 2022 is based on the war situation existing until the publication of this quarterly statement on May 12, 2022, as well as the related sanctions and the currently foreseeable economic effects for our Group. A possible tightening of sanctions or even an expansion of the war beyond Ukraine are not reflected here. Further developments are currently difficult to assess, and forecasts are therefore subject to uncertainty.

→ Development of Relevant Market Environments, Overall Risk Situation

In confirming its full-year targets, the Group continues to aim – without portfolio changes – for revenues of around EUR 4.6 billion with a variance of plus/minus EUR 100 million (previous-year figure adjusted for currency and portfolio effects: EUR 4.413 billion1 ) and adjusted EBITDA of around EUR 840 million with a variance of plus/minus EUR 25 million (previous-year figure adjusted for currency and portfolio effects: EUR 825 million² ) in 2022 – still mainly supported by the Entertainment segment and thus depending on the development of the advertising market. On this basis and without further portfolio changes, the Group continues to expect adjusted net income for the full-year to be at or slightly above the previous year's level of EUR 362 million. Reaching a midpoint of the adjusted EBITDA target range, ProSiebenSat.1 continues to assume that the adjusted operating free cash flow – for reasons of comparability adjusted for the change of investments in relation to the construction of the new campus at the premises in Unterföhring – should develop at or slightly above the previous year's figure of EUR 599 million.

The Group also continues to expect an improvement in the P7S1 ROCE (return on capital employed), which is expected to be slightly higher than the previous year's level of 14.1%. At the same time, ProSiebenSat.1 Group is still forecasting a leverage ratio (ratio of net financial debt to the Group's LTM adjusted EBITDA) at or slightly below the previous year's level of 2.2x.

¹ Based on revenues in financial year 2021 translated at the exchange rates used for planning purposes in financial year 2022 less in particular revenues of the companies deconsolidated in 2021, Sonoma Internet GmbH (Amorelie), moebel.de Einrichten & Wohnen AG and Gravitas Ventures LLC, at in total EUR 101 million.

² Based on adjusted EBITDA in financial year 2021 translated at the exchange rates used for planning purposes in financial year 2022 less in particular the adjusted EBITDA of the companies deconsolidated in 2021, Sonoma Internet GmbH (Amorelie), moebel.de Einrichten & Wohnen AG and Gravitas Ventures LLC, at in total EUR 17 million.

CONSOLIDATED INCOME STATEMENT

in EUR m	Q1 2022	Q1 2021
Revenues	954	938
Cost of sales	‒612	‒584
Gross profit	342	354
Selling expenses	‒161	‒157
Administrative expenses	‒120	‒122
Other operating expenses	0	‒1
Other operating income	8	6
Operating result	68	80
Interest and similar income	7	6
Interest and similar expenses	‒10	‒15
Interest result	‒3	‒9
Result from investments accounted for using the equity method	‒10	‒13
Other financial result	‒4	15
Financial result	‒18	‒7
Result before income taxes	50	73
Income taxes	‒19	‒7
Net income	31	66
Attributable to shareholders of ProSiebenSat.1 Media SE	31	66
Attributable to non-controlling interests	‒1	0
Earnings per share in EUR
Basic earnings per share	0.14	0.29
Diluted earnings per share	0.14	0.29

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in EUR m	Q1 2022	Q1 2021
Net income	31	66
Items that may be reclassified subsequently to profit or loss
Foreign currency translation adjustment	20	37
Measurement of cash flow hedges	2	34
Income taxes	‒1	‒9
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligations	‒1	—
Income taxes	0	—
Other comprehensive income	21	62
Total comprehensive income	52	128
Attributable to shareholders of ProSiebenSat.1 Media SE	47	118
Attributable to non-controlling interests	5	9

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

in EUR m	03/31/2022	12/31/2021
ASSETS
Goodwill	2,176	2,163
Programming assets	1,001	973
Other intangible assets	868	867
Property, plant and equipment	494	495
Investments accounted for using the equity method	59	61
Other financial assets	336	353
Other receivables and non-current assets	1	3
Deferred tax assets	68	67
Non-current assets	5,004	4,982
Programming assets	127	172
Inventories	46	49
Other financial assets	99	139
Trade receivables	474	504
Current tax assets	54	55
Other receivables and current assets	95	91
Cash and cash equivalents	706	594
Current assets	1,601	1,605
Total assets	6,604	6,587

in EUR m	03/31/2022	12/31/2021
EQUITY AND LIABILITIES
Subscribed capital	233	233
Capital reserves	1,046	1,046
Consolidated equity generated	660	629
Treasury shares	‒62	‒62
Accumulated other comprehensive income	61	45
Other equity	‒136	‒136
Total equity attributable to shareholders of ProSiebenSat.1 Media SE	1,802	1,755
Non-controlling interests	348	343
Equity	2,150	2,099
Non-current financial debt	2,395	2,395
Other non-current financial liabilities	322	347
Trade payables	54	52
Other non-current liabilities	13	16
Provisions for pensions	8	31
Other non-current provisions	63	51
Deferred tax liabilities	247	248
Non-current liabilities	3,103	3,138
Current financial debt	51	51
Other current financial liabilities	103	80
Trade payables	582	555
Other current liabilities	379	397
Current tax liabilities	133	141
Other current provisions	103	126
Current liabilities	1,352	1,350
Total equity and liabilities	6,604	6,587

CONSOLIDATED CASH FLOW STATEMENT

in EUR m	Q1 2022	Q1 2021
Net income	31	66
Income taxes		7
Financial result		7
Depreciation, amortization and impairments of other intangible assets and property, plant and equipment		58
Consumption of programming assets incl. change in provisions for onerous contracts		213
Change in provisions	0	7
Gain/loss on the sale of assets	0	‒1
Other non-cash income/expenses	0	‒1
Change in working capital	‒45	‒45
Income tax paid	‒27	‒57
Interest paid	‒8	‒24
Cash flow from operating activities	272	231
Proceeds from disposal of non-current assets	10	13
Payments for the acquisition of other intangible assets and property, plant and equipment	‒36	‒50
Payments for investments including investments accounted for using the equity method	‒4	‒10
Payments for the acquisition of programming assets	‒139	‒205
Payments for the issuance of loan receivables	—	‒1
Payments for obtaining control of subsidiaries or other businesses (net of cash and cash equivalents acquired)	—	‒4
Proceeds from losing control of subsidiaries or other businesses (net of cash and cash equivalents disposed of)	‒1	—
Cash flow from investing activities		‒256
Repayment of financial liabilities	0	‒780
Proceeds from issuance of financial liabilities	11	187
Repayment of lease liabilities	‒11	‒10
Payments for transactions with non-controlling interests	—	‒9
Dividend payments to non-controlling interests	0	‒2
Cash flow from financing activities	‒1	‒615
Effect of foreign exchange rate changes on cash and cash equivalents	9	10
Change in cash and cash equivalents		‒630
Cash and cash equivalents at beginning of reporting period		1,224
Cash and cash equivalents at end of reporting period	706	594

FINANCIAL CALENDAR

Date	Event
12/05/2022	Publication of the Quarterly Statement for the First Quarter of 2022
11/08/2022	Publication of the Half-Yearly Financial Report 2022
15/11/2022	Publication of the Quarterly Statement for the Third Quarter of 2022

EDITORIAL INFORMATION

PRESSE

ProSiebenSat.1 Media SE Konzernkommunikation

Medienallee 7 85774 Unterföhring Tel.: +49 [0]89 95 07 — 11 45 Fax: +49 [0]89 95 07 — 11 59 E-Mail: info@prosiebensat1.com

INVESTOR RELATIONS

ProSiebenSat.1 Media SE Investor Relations Medienallee 7 85774 Unterföhring Tel.: +49 [0]89 95 07 — 15 02 Fax: +49 [0]89 95 07 — 15 21 E-Mail: aktie@prosiebensat1.com

HERAUSGEBER

ProSiebenSat.1 Media SE Medienallee 7 85774 Unterföhring Tel.: +49 [0]89 95 07 — 10 Fax: +49 [0]89 95 07 — 11 21 www.ProSiebenSat1.com HRB 219 439 AG München

INHALT&GESTALTUNG

ProSiebenSat.1 Media SE Konzernkommunikation

nexxar GmbH Vienna, Austria

PROSIEBENSAT.1 GROUP ON THE INTERNET

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→ www.ProSiebenSat1.com

FORWARD-LOOKING STATEMENTS

This statement contains forward-looking statements regarding ProSiebenSat.1 Media SE and ProSiebenSat.1 Group. Such statements may be identified by the use of such terms as "expects," "intends," "plans," "assumes," "pursues the goal," and similar wording. Various factors, many of which are outside the control of ProSiebenSat.1 Media SE, could affect the Company's business activities, success, business strategy and results. Forward-looking statements are not historical facts, and therefore incorporate known and unknown risks, uncertainties and other important factors that might cause actual results to differ from expectations. These forward-looking statements are based on current plans, goals, estimates and projections, and take account of knowledge only up to and including the date of preparation of this statement. Given these risks, uncertainties and other important factors, ProSiebenSat.1 Media SE undertakes no obligation, and has no intent, to revise such forward-looking statements or update them to reflect future events and developments. Although every effort has been made to ensure that the provided information and facts are correct, and that the opinions and expectations reflected here are reasonable, ProSiebenSat.1 Media SE assumes no liability and offers no warranty as to the completeness, correctness, adequacy and/or accuracy of any information or opinions contained herein. This statement is an English translation; in case of any discrepancies, the German authoritative version of the statement shall prevail over the English translation.