Prosiebensat.1 Media Se · XETR:PSM

Prosiebensat.1 Media — Q2 2024 Earnings Presentation

30 slides from Prosiebensat.1 Media's earnings presentation, Aug 8, 2024

Slide 2: Summary, Financials, Operations, Outlook
© ProSieben / Richard Hübner © Sat.1 / Nadine Rupp © ProSieben / Willi Weber © ProSieben / Willi Weber 01 02 03 04 Summary Financials Operations Outlook
Slide 3: Summary
To be updated by IR 01 Summary © ProSieben / Richard Hübner © ProSieben / SAT.1 // Claudius © Seven.One Claudius Pflug Pflug
Slide 4: Key Financial Highlights
Group revenue growth of Digital & Smart Commerce & Ventures 5% to EUR 907m in Q2 2024 advertising revenue growth segment revenues up by 17% reflecting growing Entertainment of 12% in Q2 2024 in Q2 2024 mainly driven by online segment and continuation of positive confirming strategic focus on Joyn be
Slide 5: Financials
To be updated by IR 02 Financials © Sat.1 / Nadine Rupp © Seven.One / Florida © TVSat.1/ / Julian Mathieu Willi Weber
Slide 6: Continues positive start to the year with revenue growth of 5% in Q2 2024
PROSIEBENSAT.1 CONTINUES ITS POSITIVE START TO THE YEAR WITH REVENUE GROWTH OF 5% IN Q2 2024 COMMENTS • Group revenues were up 5% in Q2 2024 REVENUES, EARNINGS AND CASH FLOW KPIS [IN EUR M] leading to an overall increase of 5% in H1 2024. This positive outcome reflects slight growth in Group Adverti
Slide 7: Entertainment revenues up 3% in Q2 2024
ENTERTAINMENT REVENUES UP 3% IN Q2 2024 DRIVEN BY DIGITAL, DISTRIBUTION AND CONTENT BUSINESS COMMENTS • Entertainment revenues increased by 3% ENTERTAINMENT EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] both on reported and on portfolio and currency-adjusted basis in Q2 2024. Half- year growth was 4%
Slide 8: Commerce & Ventures segment continued dynamic and profitable growth
COMMERCE & VENTURES SEGMENT CONTINUED ITS DYNAMIC AND PROFITABLE GROWTH IN Q2 2024 COMMENTS • Commerce & Ventures segment recorded COMMERCE & VENTURES EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] very dynamic revenue growth of 17% in Q2 2024 and 19% in H1 2024. On portfolio and currency-adjusted bas
Slide 9: Dating & Video still in decline
DATING & VIDEO STILL IN DECLINE - FOCUSING LIVE- STREAMING ON OWNED & OPERATED APPS PAYING OFF COMMENTS • Dating & Video segment revenues DATING & VIDEO EXTERNAL REVENUES AND ADJ. EBITDA [IN EUR M] decreased by 9%, both in Q2 2024 and H1 2024 Q2 2024 Q2 2023 YoY H1 2024 H1 2023 YoY • While Dating re
Slide 10: Financial leverage improved from 3.3x to 2.6x
FINANCIAL LEVERAGE IMPROVED SIGNIFICANTLY FROM 3.3X TO 2.6X COMPARED TO END OF PRIOR YEAR’S SECOND QUARTER NET FINANCIAL DEBT IN EUR M DEBT MATURITY PROFILE IN EUR M -187 SSD2) 2016 SSD2) 2021 Term Loan Extended Term Loan RCF3) 1,153 3.3x1) 2.7x1) 2.6x1) 1,782 1,546 1,595 500 (undrawn) 346 226 225 8
Slide 11: Operations
To be updated by IR 03 Operations © ProSieben / Willi Weber © Seven.One / Willi Weber © Pro7/Willi Weber
Slide 12: Entertainment advertising DACH revenues in H1 2024 impacted by UEFA EURO 24
ENTERTAINMENT | ADVERTISING DACH REVENUES IN H1 2024 IMPACTED BY UEFA EURO 24 IN JUNE Entertainment Advertising P7S1 Audience Share DACH revenue A 20-591) development in % vs PY Full Day Prime Time mid-single digit increase 20.3% 20.3% 16.9% 13.9% mid-single digit decline YTD May 2024 June 2024 YTD
Slide 13: Advertising business supported by improving market conditions
ENTERTAINMENT Our advertising business is supported by improving market conditions ECONOMIC AND MARKET FORECASTS GERMANY 20241) GDP Development Consumer Climate German Ad Market TV Ad Market Digital Ad Market +0.2-0.4% +0.3-0.7% +~5% +~2% +~13% GDP growth Growth private Growth German ad Growth Linea
Slide 14: Joyn keeps expanding its reach in DACH region
ENTERTAINMENT 36M4) TV households Joyn keeps expanding its REACH IN DACH Germany: The end of “ancillary cost privilege” in cable TV households on July 1st presents a unique opportunity for Joyn to expand market region fueled by stand-out content, strategic presence and user base distribution deals a
Slide 15: Strong performance of local formats underpins local, live and digital strategy
ENTERTAINMENT | STRONG PERFORMANCE OF LOCAL FORMATS UNDERPINS OUR LOCAL, LIVE AND DIGITAL STRATEGY H1 2024 H2 2024 Existing formats Daily soaps New formats New formats +2.6%pts vs. slot average5) “Ronzheimer” “Für alle Fälle Familie” (Prime Time) (Access Time) +2.0%pts vs. slot average5) “Die Superd
Slide 16: Linear TV still creates talk of town moments
ENTERTAINMENT | LINEAR TV STILL CREATES „TALK OF TOWN“ MOMENTS, ALSO WITH GREAT RELEVANCE FOR YOUNGER AUDIENCES Best practice (April 21st 2024) “24 Stunden von und mit Joko & Klaas” New show idea coming in winter 2024/2025 Ø37.0% "Ein sehr gutes Quiz (mit 17.2m Best ProSieben hoher Gewinnsumme)“ Net
Slide 17: Strong growth in HD penetration drives distribution business
ENTERTAINMENT | STRONG GROWTH IN HD PENETRATION ON ALL PLATFORMS CONTINUES TO DRIVE DISTRIBUTION BUSINESS – ESPECIALLY ON IPTV/OTT PLATFORMS HD FREE-TO-AIR DISTRIBUTION IN M1) 36m TV households in Germany2) NEW JOYN +18% FTA DISTRIBUTION ON SATELLITE, DISTRIBUTION CAGR 13.5 CABLE, IPTV AND OTT/MOBIL
Slide 18: Verivox and flaconi continue to record solid growth
COMMERCE & VENTURES | VERIVOX AND FLACONI CONTINUE TO RECORD SOLID GROWTH EXTERNAL REVENUES [IN EUR M] +7% 179 +19% CAGR 162 CAGR 433 389 130 137 122 336 324 292 80 197 2019 2020 2021 2022 2023 Q2 24 2019 2020 2021 2022 2023 Q2 24 LTM LTM In 2021 and 2022, volatility in Energy market following start
Slide 19: Advertising business grew by 46% in Q2 2024
COMMERCE & VENTURES | ADVERTISING BUSINESS – WHICH IS PART OF OUR CORE BUSINESS – GREW BY +46% IN Q2 2024 VS. PRIOR YEAR +37% revenue growth in Q2 2024 vs. PY • Strong revenue growth in Q2 2024 vs. prior year due to increasing media demand from existing partners • Marktguru: Revenue growth mainly dr
Slide 20: Dating business affected by increased competition in the U.S.
DATING & VIDEO | DATING BUSINESS WAS AFFECTED BY INCREASED COMPETITION IN THE U.S. – VIDEO BUSINESS BENEFITED FROM OWNED & OPERATED APPS EXTERNAL REVENUES [IN EUR M] Dating Business Video Business -13% -13% -4% -4% 60 47 B2B 46 52 3 9 +11% 38 42 Owned & Operated, Ads, Subs Q2 2023 Q2 2024 Q2 2023 Q2
Slide 21: Outlook
To be updated by IR 04 Outlook © ProSieben / Willi Weber ©©ProSieben Seven.One/ Benjamin Kis / Willi Weber
Slide 22: Strategy execution and H2 2024 assumptions
SUCCESSFUL STRATEGY EXECUTION AND ASSUMPTIONS FOR H2 2024 MAKE US CONFIDENT REGARDING ACHIEVEMENT OF 2024 FINANCIAL TARGETS ENTERTAINMENT Commerce & Dating & Video Group Ventures • Advertising performance in July and • Continuing dynamic revenue and • Targeted countermeasures to • Continuation of co
Slide 23: We confirm our financial outlook for full year 2024
WE CONFIRM OUR FINANCIAL OUTLOOK FOR FULL YEAR 2024 FY 2023 FY 2024 TARGET COMMENT • At mid-point of target range, Group expects Entertainment EUR 3,852m Advertising DACH revenues to grow by around +2% (adjusted for Group ~EUR 3.95bn • Entertainment Advertising DACH TV revenues expected to currency
Slide 25: Group P&L
GROUP P&L [in EUR m] Q2 2024 Q2 2023 YoY H1 2024 H1 2023 YoY Revenues 907 868 +5% 1,774 1,683 +5% Adjusted EBITDA 91 79 +14% 163 133 +23% Reconciling items -14 -73 -80% -21 -88 -76% EBITDA 77 7 >+100% 142 44 >+100% Depreciation, amortization and -46 -51 -9% -94 -103 -9% impairments Thereof PPA -4 -7
Slide 26: Group and segment revenue breakdown Q2
GROUP AND SEGMENT REVENUE BREAKDOWN Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Advertising revenues 491 484 31 21 522 505 DACH 425 421 31 21 456 442 Thereof TV 349 353 349 353 Thereof Digit
Slide 27: Group and segment revenue breakdown H1
GROUP AND SEGMENT REVENUE BREAKDOWN Entertainment Commerce & Ventures Dating & Video Total Group External revenues [in EUR m] H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 Advertising revenues 942 916 59 49 1,002 964 DACH 818 796 59 49 877 845 Thereof TV 675 668 675 668 Thereof Dig
Slide 28: Operational KPIs
OPERATIONAL KPIS Q2 2022 Q3 2022 Q4 2022 FY 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Q1 2024 Q2 2024 Linear TV Audience Share A 20-591) 21.1% 21.5% 20.1% 20.9% 19.9% 21.6% 20.7% 21.6% 20.9% 20.1% 18.3% Joyn (DE+AT+CH)2) Monthly Video Users3) 4.07m 3.62m 4.84m 4.15m 4.60m 4.51m 4.19m 6.31m 4.90m
Slide 29: Disclaimer
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 objecti
Slide 30: Slide 30

ProSiebenSat.1 Media — Q2 2024 Earnings Presentation on 6ix

Prosiebensat.1 Media — Q2 2024 Earnings Presentation

Slide 1: Q2 2024 Results Presentation

Slide 2: Summary, Financials, Operations, Outlook

Slide 3: Summary

Slide 4: Key Financial Highlights

Slide 5: Financials

Slide 6: Continues positive start to the year with revenue growth of 5% in Q2 2024

Slide 7: Entertainment revenues up 3% in Q2 2024

Slide 8: Commerce & Ventures segment continued dynamic and profitable growth

Slide 9: Dating & Video still in decline

Slide 10: Financial leverage improved from 3.3x to 2.6x

Slide 11: Operations

Slide 12: Entertainment advertising DACH revenues in H1 2024 impacted by UEFA EURO 24

Slide 13: Advertising business supported by improving market conditions

Slide 14: Joyn keeps expanding its reach in DACH region

Slide 15: Strong performance of local formats underpins local, live and digital strategy

Slide 16: Linear TV still creates talk of town moments

Slide 17: Strong growth in HD penetration drives distribution business

Slide 18: Verivox and flaconi continue to record solid growth

Slide 19: Advertising business grew by 46% in Q2 2024

Slide 20: Dating business affected by increased competition in the U.S.

Slide 21: Outlook

Slide 22: Strategy execution and H2 2024 assumptions

Slide 23: We confirm our financial outlook for full year 2024

Slide 24: Appendix

Slide 25: Group P&L

Slide 26: Group and segment revenue breakdown Q2

Slide 27: Group and segment revenue breakdown H1

Slide 28: Operational KPIs

Slide 29: Disclaimer

Slide 30: Slide 30