Ateme Sa · EURONEXT:ATEME
Ateme Sa — H1 2025 Earnings Presentation
28 slides from Ateme Sa's earnings presentation, Sep 25, 2025
Slide 1: H1 2025 Results
SEPTEMBER 25, 2025 H1 2025 RESULTS VISIOCONFERENCE Confidential & proprietary
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Ateme, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoe
Slide 3: Presenters
PRESENTERS Michel ARTIÈRES Véronique COULMANN Founder & Chief Executive Officer Chief Financial Officer Degree in Engineering from SUPELEC, PARIS, with Degree from Sup de Co (Poitiers) a specialization in signal processing MBA from Seattle University and telecommunications D.E.S.C.F - Certified Publ
Slide 4: Who we are
Who we are Confidential & proprietary
Slide 5: The Video Delivery Leader
THE VIDEO DELIVERY LEADER Listed since 2014 Ateme enables content providers, service providers and streaming platforms to captivate their audiences with a superior Quality of Experience, so they can boost €93.5m in 2024 viewership engagement, acquire new customers, and unleash new monetization poten
Slide 6: Quickly evolving market: from traditional TV to streaming
QUICKLY EVOLVING MARKET: FROM TRADITIONAL TV TO STREAMING Streaming platforms SVOD, AVOD, virtual video distributor Digital Experience & E-commerce OTT streaming services to multiscreen CDN, cDVR 5G Broadcast Viewers Pay-TV services Contribution Distribution to set-top box Content provider Service P
Slide 7: Ateme unique position with end-to-end stack
ATEME UNIQUE POSITION WITH END-TO-END STACK Broadcast OTT Contribution DVR Storage Ad Insertion Delivery Headend Headend x x x x x x x x x x x x x x x x x x x x x x x Cloudfront Analytics x x x x x x x x x Confidential & proprietary 7
Slide 8: Ateme engaged in CSR
ATEME ENGAGED IN CSR “ Make the entertainment and video experience captivating, greener, and accessible to everyone ” A CSR policy led by the COO in direct contact with the Executive Committee and fully integrated into the company’s overall strategy Already achieved >>>>>>>>>>>>>>>>>>>>>>>> Commitme
Slide 9: H1 2025 Results
H1 2025 Results Confidential & proprietary
Slide 10: Quarterly Activity
QUARTERLY ACTIVITY H1 2025: €100.0m €93.5m €41.9m €90.6m €78.8m +3% 30.3 €66.3m €70.1m +4% at constant exchange rate & perimeter €56.5m €48.6m 22.4 €37.5m Q2 2025: +2% €28.6m +5% at constant exchange 23.0 23.5 rate & perimeter Q1 2025: +4% 17.7 18.4 +3% at constant exchange rate & perimeter 2015 201
Slide 11: H1 2025 Revenue Split and Growth by Region
H1 2025 REVENUE SPLIT AND GROWTH BY REGION H1 2025 REVENUE H1 2025 REVENUE SPLIT BY REGION GROWTH BY REGION LATAM €4.7m 11% APAC EMEA USA/CAN +18% EMEA +7% €6.2m €19.4m +18% +7% 15% 46% (at constant exchange rate) (at constant exchange rate) LATAM +13% APAC -28% +14% -27% USA/Canada (at constant exc
Slide 12: Building lasting growth, one recurring dollar at a time
BUILDING LASTING GROWTH, ONE RECURRING DOLLAR AT A TIME Multi-Year investment SaaS and Maintenance MRR, Contracts Subscription in € thousands 2,954 2,708 2,712 Monthly Recurring Revenue (MRR) 2,443 2,470 1,960 1,500 Increased visibility with secured revenues 880 Higher resilience in crisis 570 Reduc
Slide 13: P&L (1/3)
P&L (1/3) Consolidated data – IFRS In thousands of euros FY 2024 H1 2024 H1 2025 Change Revenue 93,498 40,763 41,948 +3% • Margin rate on direct costs: 76.8% of revenue Margin on direct costs 66,833 29,141 32,205 11% +11% • Sharp increase (+530 bp) due to 71.5% 76.8% favorable product mix (low hardw
Slide 14: P&L (2/3)
P&L (2/3) Consolidated data – IFRS In thousands of euros FY 2024 H1 2024 H1 2025 Change Gross profit 54,204 22,329 25,384 +14% Total operating expenses cut by €2.7 m in H1 2025 from cost rationalization efforts R&D expenses (23,131) (11,663) (11,252) -4% undertaken since Summer 2024 • R&D: -€0.4 m (
Slide 15: P&L (3/3)
P&L (3/3) Consolidated data – IFRS In thousands of euros FY 2024 H1 2024 H1 2025 Change Operating profit (3,930) (6,854) (1,067) +5,787 Increase in financial expenses due to financing of the 2024 R&D tax (CIR) Financial loss (1,363) (590) (775) -185 and factoring at the end of 2024 Financial profit
Slide 16: Balance Sheet
BALANCE SHEET Consolidated data – IFRS In thousands of euros 2024/12/31 2025/06/30 Non-current assets 31,654 30,639 o/w Goodwill 12,886 12,886 o/w Intangible assets 8,130 8,211 o/w Deferred tax assets 1,432 1,26 Success of the policy to reduce inventory: ASSETS decrease -€1.2 million Current assets
Slide 17: Adjusted Net Financial Debt
ADJUSTED NET FIN AN CIAL DEBT Consolidated data – IFRS In thousands of euros 2024/12/31 2025/06/30 Cash & cash equivalents 9,460 2,291 €10.12m of various bank loans, o/w financial debt over 1 year : €8,2m Financial debt1 12,958 11,673 o/w bank loans 12,130 10,120 Adjusted net financial debt of €9.4m
Slide 18: Cash Flow Statement
CASH FLOW STATEMEN T Consolidated data – IFRS In thousands of euros H1 2024 H1 2025 Working capital evolution impacted by Gross cash-flow (4,090) 116 changes in trade payables and deferred (-) Change in Working Capital 4,825 (990) income Cash-flow from operations 735 (874) Cash-flow from operations:
Slide 19: Outlook & Strategy
Outlook & Strategy Confidential & proprietary
Slide 20: Market shifting to ad-based streaming
MARKET SHIFTING TO AD-BASED STREAMING Pay-TV generates more $$$ OTT generates more $$$ 400 360 300 325 260 220 190 150 100 85 100 125 140 150 160 170 180 60 150 160 160 160 170 160 160 160 160 210 210 200 195 190 190 180 180 180 2020 2021 2022 2023 2024 2025 2026 2027 2028 2020 to 2028 Pay-TV & Stre
Slide 21: US cable subs quickly switching to streaming
US CABLE SUBS QUICKLY SWITCHING TO STREAMING 3 years Why Ateme technology is relevant to this market Ateme gaining traction with streamers Contribution & distribution encoders Ateme has been selected by one of the leaders Low latency end-to-end OTT streaming solution, Further evaluations are underwa
Slide 22: Sports leagues going direct-to-consumer
SPORTS LEAGUES GOING DIRECT-TO-CONSUMER Sports LEAGUES have similar revenues as Pay-TV In 2022, sports did ~$620 billion in combined revenue Broadcast + Pay-TV ~$760 billions in 2024 Source: https://www.linkedin.com/posts/andrewpetcash_in-2022-sports-did-roughly-620-billion- activity-709936918614077
Slide 23: Sports Tech TAM: $1.7 billion
SPORTS TECH TAM : $ 1.7 BILLION Sport Media Tech covers: Sports data tools Sports video review systems Live production graphics Virtual sets Brand and merchandising infringement Cloud & software live production Fan engagement and league management tools Live sports graphics Live streaming Confidenti
Slide 24: Latest video delivery innovations at IBC 2025
LATEST VIDEO DELIVERY INNOVATIONS AT IBC 2025 IN AMSTERDAM MID-SEPTEMBER Latest video delivery innovations in spanning live sports, OTT streaming, advertising and distribution OTT Contribution for full-IP content delivery across the globe Immersive 180°/360° sports experiences AI-powered live transl
Slide 25: 6-Month EBITDA Trend
6- Month EBITDA Trend €5.3 m €4.3 m €3.7 m €2.7 m €2.1 m €1.3 m €1.5 m €0.0 m H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 -€4.3 m A more challenging environment expected in H2 2025 with an unfavorable currency impact. However, the H2 traditionally benefits from more favor
Slide 26: Fully on track with Ateme's long term guidance
FULLY ON TRACK WITH ATEME’S LONG TERM GUIDANCE c. 130 M€ c. 100 M€ c. 91 M€ c. 93 M€ c. 79 M€ c. 22 M€ c. 6 M€ c. 5 M€ c. 3 M€ c. 1 M€ 2021 2022 2023 2024 2027 Revenue EBITDA Ateme at tipping point after 5 years of investment targeting for 2027: o Revenue growth to reach €130 million o Direct cost m
Slide 27: Investor Relations
INVESTOR RELATIONS Shareholder structure Stock price (€- 1 year period) Stock price (€- 10 year period) Number of shares : 11,489,444 Potential dilution : 7.3% as of September 2025 Concert Artières 10,6% Otus Capital 9,8% Float 59,4% Positano 5,0% NJJ Capital (Xavier Niel) 4,9% Mont Blanc Market dat
Slide 28: Thank you
THANK YOU Confidential & proprietary