AGORA S.A.

Investor Presentation • Apr 26, 2023

* Działania już rozpoczęte poprzez akwizycję Radia Zet oraz poddanie pod głosowanie na WZA planów wydzielenia ZCP ze struktur Agora SA

STRATEGIC DIRECTIONS OF AGORA GROUP 2023-2026

26TH APRIL 2023

TOMASZ GRABOWSKI

Member of the Board

Member of the Board

President of the Board

MANAGEMENT

WOJCIECH BARTKOWIAK

Member of the Board

Member of the Board

years on the market

leading brands in radio, print, online and advertising

modern cinemas throughout Poland

70

webistes

workers and coworkers >70

social campaigns

>56

million of sold books and music albums

#A G O R Aq u a l i t y p o w e r #A G O R Ac o n t e n t p o w e r

Rozwój mediów

oraz subskrypcyjnych

ATRACTIVE GROUP OF RECEIVERS

RECEIVERS STRENGHTS

Agora Group's media reach active consumers, educated, from big cities

DAILY COVERAGE (2)

Receivers- daily average

Coverage [%] – daily average

	M E D I A O W N E R S	R E A L U S E R S	C O V E R A G E
1	Grupa Polsat-Interia	19.5 million	59.2%
2	Grupa TVN	18.0 million	54.6%
3	Grupa TVP	15.3 million	46.6%
4. 6	AGORA Grupa Agora*	11.6 million 116 mln	35.4% 35,4%
5	Grupa Wirtualna Polska	10.8 million	32.8%
6	Grupa RMF	10.2 million	31.0%
7	Grupa RAS Polska	8.0 million	24.4%
8	Grupa ZPR Media	6.9 million	21.1%
9	Grupa Telewizja Puls	6.1 million	18.5%
16	Grupa Kino Polska	4.4 million	13.3%
17	Grupa Polska Press	4.2 million	12.8%

#A G O R AS T R E N G H T O F R E C E I V E R S

In addition, OOH and DOOH reach is 4.9 million people per day (aged 15-65)

programmatic advertising in Poland

OUR FOUNDATIONS

SHAREHOLDERS

Increase the value for shareholders

Creating an attractive workplace and developing talent

ADVERTISERS

First choice for advertising clients in Poland

RECEIVERS

Provide audiences with reliable, independent information and opinions, as well as quality entertainment and culture (film, music, books)

environment

Sustainability in line with Agora Group's ESG strategy

Further increase of coverage and strengthen position in media market

COMPANY

A G O R AB R A N D S O F F U T U R E

I. reach the most attractive audience

II. flexibility of the offer

III. total coverage of the Agora Group

OUR STRATEGIC DIRECTIONS 2023-2026

DIVERSITY AND AUTONOMY

• Realization of revenue synergies
• Enhance the benefits of cooperation between entities in the Group
• Flexible working model

• Unification of management principles within the Agora Group
• Introduction of a unified array management structure in the Agora Group in the areas of HR, Finance, Technology and others

• Maintain the autonomy of business segments
• Opening of the Agora Group to external investors and partners
• Enabling individual segments and brands to pursue ideas specific to them

NEW OPERATING MODEL EFFECTIVENESS

• Increase shareholder value
• Return to the level of EBITDA allowing dynamic growth of the Agora Group and payment of dividends
• Planned EBITDA of at least PLN 200 million by 2026.*

PORTFOLIO AND COVERAGE

• Growth in coverage and development of Agora's current portfolio of media businesses
• Promotion to TOP3 of the largest Polish media companies in the next 4 years

VALUE

OUR STRATEGIC DIRECTIONS 2023-2026

A MEDIUM OF IMMENSE, ENDURING POPULARITY

86.8% of Poles listen to the radio at least once a week (9)

THE THIRD MOST VALUABLE ADVERTISING MEDIUM

- The value of the radio advertising market in Poland in 2022 (9)

THE STABLE SEGMENT OF THE MEDIA MARKET IN POLAND

0.0%

- CAGR of radio advertising market growth during 2019-2022 (9)

RAPIDLY GROWING DIGITAL AUDIO MARKET

EUROZET GROUP - LEADER OF THE LARGEST URBAN MARKETS (5)

TOK FM - THE MOST POPULAR NEWS AND JOURNALISM STATION IN POLAND

SALES EFFECTIVENESS LEADER

LEADER IN DIGITAL SUBSCRIPTIONS [k]

MACIEJ STRZELECKI

President of the Board of Eurozet Group

42.9% - share of listenership in cities with more than 500,000 residents.

36.2% - Share of listenership in cities with more than 200,000 residents.

34.7%

• Share of listenership in cities with more than 100,000 residents.

1.6 - power ratio of the stations included in the Agora Radio Group (24)

BUSINESS CONTEXT

Forecasted global digital audio advertising spending (USD billion) (22)

SECOND RADIO GROUP IN POLAND

Top 4 among national and supraregional radio stations in terms of listenership share (5)

• Number of subscribers to TOK FM 33.1 Premium at the end of March 2023 (10)

The only offer of its kind on the radio market

!

Radio groups' share of listenership in January-March 2023. (5)

LEADER OF THE DIGITAL AUDIO MARKET

STRATEGIC DIRECTIONS

MARKET SEVERELY WEAKENED AFTER PANDEMIC

Attendance in Polish cinemas in 2018-2022 (million viewers) (11)

• DREAM CONCEPT
• GROWING NUMBER OF TICKETS SOLD ONLINE

46.3%

• share of digital revenue in ticket sales in 4Q 2022(12)

BUSINESS CONTEXT

-

MOVIES AND BOOKS

CINEMA DISTRIBUTION FOR STREAMING PLATFORMS PREMIERES

3.16

VIEWERS RETURN FOR TOP 10 HOLLYWOOD PREMIERES (MILLIONS OF

UNITS) (12)

Average annual number of viewers for TOP10 Hollywood productions in 2017- 2019

Number of viewers for TOP10 Hollywood productions in 2022.

TOMASZ JAGIEŁŁO

President of the Board of Helios S.A., Member of the Board of Agora S.A.

MANAGEMENT

Film i książka

REPAYMENT OF CREDITS AND LOANS TAKEN FOR THE PURPOSE OF MAINTAINING OPERATIONS DURING THE PANDEMIC PERIOD

FURTHER DEVELOPMENT OF THE HELIOS DREAM CONCEPT

STRATEGIC DIRECTIONS

2025 r.

10 %

Auditoriums in the Helios Dream concept at the end of 2026.

44.0%

BUSINESS CONTEXT

INTERNET IS THE DOMINANT ADVERTISING MEDIUM

STABLE MARKET POSITION OF PORTALS

• percentage share of online ad spending in total ad spending in Poland in 2022. (13)

STABLE GROWTH OF THE ONLINE ADVERTISING MARKET

• CAGR of growth in online advertising 10.9% market during 2019-2022 (14)

4th place - position of Agora Group's websites among media groups present on the Internet portals market (7)

MAŁGORZATA BLADA Managing director Gazeta.pl

MARCIN EKIERT President of the Board Yieldbird

MANAGEMENT

CORAZ WIĘKSZE ZNACZENIE REKLAMY PROGRAMATYCZNEHJ USD) (15)

PROJECTED VALUE OF GLOBAL PROGRAMMATIC ADVERTISING SPENDING - 2022-2027 (BILLION

YIELDBIRD – INTENSIVE FOREIGN EXPANSION

cooperation with over 300 publishers in more than40 countries(17)

STRATEGIC DIRECTIONS

gaining and consolidating 3rd place in the portal market

modern multiplatform medium

leader of innovative journalism projects

focus on key foreign markets and sales growth

completion of the company's transformation to a full product model

consistent product development based on AI and Machine Learning

positioning Yieldbird tools as synonymous with effective programmatic advertising

leader in quality advertising space

0=
	1

DECLINING COPY SALES MARKET

SHRINKING MARKET FOR ADVERTISING IN PRINT EDITIONS

NUMBER OF WYBORCZA.PL SUBSCRIBERS IN 2014-2022 (18)

DEVELOPMENT OF THE DIGITAL SUBSCRIPTION MODEL - GROWING COMPETITION

-15.7%

• decline in sales of physical copies of Gazeta Wyborcza in 2022 vs. 2021 (13)

• decrease in value of press advertising spending in Poland in Q4. 2022 vs. Q4. 2021 r. (13)

648 k LIDER CYFRYZACJI ORAZ MODELU SUBSKRYPCYJNEGO
457 k
440 k
332 k
304 k
250 k
214 k

GAZETA WYBORCZA – HIGH-QUALITY JOURNALISM, VERY STRONG BRAND

LEADER OF QUALITY DAILY PRESS - TOP5 DAILIES IN THE EU BY NUMBER OF SUBSCRIBERS (4)

WOJCIECH BARTOWIAK

Publishing director of Gazeta Wyborcza Member of the Board of Agora S.A.

54.0%

of Poles use online subscription services (20)

in the Top Marka ranking

in the Press category (19)

1st

PLACE

STRENGTHENING ITS LEADERSHIP POSITION IN DIGITAL SUBSCRIPTIONS

IMPROVING THE EFFICIENCY OF THE BUSINESS MODEL

to achieve a goal

STRATEGIC DIRECTION

New subscriber groups and digital revenues

2 YEARS

HIGH POTENTIAL FOR DIGITAL OOH DEVELOPMENT

EFFECTIVENESS OF OOH CONFIRMED BY CUSTOMER CHOICES AFTER PANDEMIC

MANAGEMENT

MAREK KUZAKA

President of the Board of AMS S.A.

Share of advertising revenue on DOOH media in total outdoor advertising media revenue in Poland (%) (21)

Share of advertising revenue on DOOH media in total outdoor advertising media revenue in the US (22)

OOH advertising spendings in Poland in 2019-2022 (PLN million) (18)

maintain and strengthen its leadership position in the OOH advertising market

new formats adapted to changing needs and social trends

strengthen leadership position in attractive urban furniture market

STRATEGIC DIRECTIONS

ASSUMPTIONS OF THE AGORA GROUP'S ESG STRATEGY 2023-2027

• We are stepping up advocacy for democratic
• We are an attractive employer in the media industry in Poland, supporting the professional development of our employees
• We support diversity in society and the

MAIN OBJECTIVES AND REFERENCE TO THE UN SUSTAINABLE DEVELOPMENT GOALS

• We make sure that ethical values are respected in the workplace
• We join business partnerships to intensify human rights and environmental protection efforts

#AGORA2026

This presentation has been prepared by Agora SA (the "Company"). The data and information contained on the individual slides do not show a complete or coherent financial analysis, prediction nor estimation of the Company and serve for information purposes only. A detailed description of the business and financial affairs of Agora SA is presented on www.agora.pl website. All data therein are based on sources which the Company regards as credible. The Company reserves the right to amend data and information at any time, without prior notice. This presentation was not verified by an independent auditor.

This presentation may contain slides containing statements related to the future. Such statements cannot be interpreted as forecasts or other assurances in respect of future Company's financial results. The expectations of the Company's management are based on their knowledge, experience and individual views and are dependent on many factors which may cause that the actual results may differ from statements contained in this document. The Company recommends that professional investment advice is sought in case any investment in the Company's securities is considered.

THANK YOU FOR ATTENTION

APPENDIX

• 1) Source: Mediapanel survey conducted by Gemius from January 1 to March 31, 2023; metrics: "Real Users- daily average"; crossmedia data for platforms: Internet, Radio, Television. Period: January 2023; Top Media Owners summary for selected target groups. Agora Group - grouped results for Agora Group and Eurozet Group (own compilation).
• 2) Source: Mediapanel survey conducted by Gemius from January 1 to March 31, 2023; metrics: "Real Users- daily average", "Reach- daily average"; crossmedia data for platforms: Internet, Radio, Television. Period: January 2023; Top Media Owners compilation. Agora Group - grouped results for Agora Group and Eurozet Group (own compilation). Outdoor data: OOH - Outdoor Track, DOOH - Proxi Cloud, AMS' own compilation.
• 3) Source: OOH - Outdoor Track, DOOH - Proxi Cloud, AMS' own compilation.
• 4) Source: FIPP – Globar Digital Snapshot Q4 2022 Report
• 5) Source: Listening share data is from the RadioTrack survey conducted by MillwardBrown SMG/KRC (all listening locations, all listening days and all quarters) in the general population and the 15+ age group for October-December: sample for 2021: 21,015; for 2022: 21,030; for January-December: sample for 2021: 83,796; for 2022: 83 866.
• 6) Source: Boxoffice.pl
• 7) Source: Mediapanel survey conducted by Gemius from January 1 to March 31, 2023; indicators: "Real Users - daily average," period: March 2023; data for platforms: Internet; Agora Group - grouped results for Agora Group and Eurozet Group (own compilation)
• 8) Source: "Sales" data for paid dailies are presented according to information from the Polish Readership Survey (PBC). The term "sales" used in this commentary means "issue sales" from declarations submitted by publishers to the PBC. All average measures (grouping more than one title) are calculated according to the rule: total sales / number of issues for the title with the most issues in a given period. Based on the average thus calculated, year-on-year dynamics are shown.
• 9) Source: Agora's estimates based on Kantar Media
• 10) Source: Agora Radio Group proprietary data.

	11) Source: Helios Group estimates based on Boxoffice.pl data based on information provided by other film distributors and cinema chains.
	12) Source: Helios S.A. proprietary data.
	13) Source: Agora Group estimates based on data from "Advertising Market Report 2022" by Publicis Groupe
	14) Source: Agora Group estimates based on Publicis Groupe published data for 2019-2022
	15) Source: Global Programmatic Advertising Market - Analysis By Auction Type, Display Type, By Region, By Country (2022 Edition): Market Insights and Forecast with Impact of COVID-19 (2022-2027), Researchandmarkets.com
	16) Source: Mediapanel data for December 2022.
	17) Source: Yieldbird company data
	18) Source: Data of the Economic Chamber of Outdoor Advertising prepared in cooperation with STARCOM Media House (Publicis Groupe).
	19) Source: www.topmarka.eu
	20) Source: Report "Poles' finances in the post-pandemic era" by Blue Media
	21) Source: Data of the Economic Chamber of Outdoor Advertising prepared in cooperation with STARCOM Media House (Publicis Groupe).
	22) Source: Compiled from data from Statista.com
	23) Source: Compiled from data from Publicis Groupe
	24) Source: Monitoring of advertising spending by Kantar Media (AdExpert).
	25) Source: Listening share data is from the RadioTrack survey conducted by MillwardBrown SMG/KRC (all listening locations, all listening days and all quarters) in the entire population and age group 15+ for the years 2013-2022

NOTES