Slide 1: 2019 Presentation of Half-Year Results
2019 PRESENTATION OF HALF-YEAR RESULTS
Slide 2: Disclaimer
STATEMENTS CONTAINED IN THIS DOCUMENT, PARTICULARLY THOSE CONCERNING FORECASTS ON FUTURE M6 GROUP PERFORMANCE, ARE FORWARD-LOOKING STATEMENTS THAT ARE POTENTIALLY SUBJECT TO VARIOUS RISKS AND UNCERTAINTIES. ANY REFERENCE TO M6 GROUP PAST PERFORMANCE SHOULD NOT BE INTERPRETED AS AN INDICATOR OF FUTUR
Slide 3: Presentation of 2019 Half-Year Results
M6 GROUP PRESENTATION OF 2019 HALF-YEAR RESULTS 1. KEY FIGURES 2. OPERATIONS 3. FINANCIAL STATEMENTS 4. ACQUISITION OF LAGARDÈRE’S TELEVISION DIVISION 3
Slide 4: Key Figures
JA. KEY FIGURES
Slide 5: Solid Results H1 2019
KEY FIGURES (€ millions) 1. INTRODUCTION - KEY FIGURES H1 2018 SOLID RESULTS H1 2019 +1.6% ALL-TIME HIGH 703.2 714.6 +2.3% +0.7% 539.3 564.6 568.3 527.1 +0.8% 147.1 148.3 +11.2% 88.4 79.5 8.5 2.0 CONSOLIDATED ADVERTISING OTHER OPERATING OPERATING CONSOLIDATED NET PROFIT REVENUE REVENUE REVENUES EXPE
Slide 6: Other divisions absorbed the increase in investments in core TV business
1. INTRODUCTION - KEY FIGURES THE PERFORMANCE OF THE OTHER DIVISIONS ABSORBED THE INCREASE IN INVESTMENTS IN THE CORE TV BUSINESS RADIO PRODUCTION & TOTAL TELEVISION DIVERSIFICATION OTHER AUDIOVISUAL RIGHTS +€11.4m +€8.1m +€6.8m -€8.1m +€4.5 m 2019 VS 2018 REVENUE +€3.1m* GROWTH 2019 VS 2018 +€4.2 m
Slide 7: Television Audience Ratings
TELEVISION AUDIENCE RATINGS
Slide 8: M6: the 2nd ranked group on the commercial target
2. AUDIENCE RATINGS - TELEVISION 2019: Mé, THE 2X2 RANKED GROUP ON THE COMMERCIAL TARGET WRP<50 AUDIENCE SHARES OF THE GROUPS (%) = 36.8 34.1 33.6 33.0 32.9 39g) 325322 32.1 1.5 325 32.5327 taal 23.5 22.2 ; 22.5 21.4 21.7 21.8 : ; & ¢ . B Y IGROUPE | trancetélévisions fexcl. france info) 4.9 - 7 5.2
Slide 9: M6 is the traditional channel most resilient to market fragmentation
2. AUDIENCE RATINGS - TELEVISION M6 IS THE TRADITIONAL CHANNEL THAT HAS PROVED MOST RESILIENT TO MARKET FRAGMENTATION H1 2008 H1 2018 H1 2019 -30% 27.6 -0.7pp -24% 20.1 -21% -32% 19.4 17.8 +0.4 pp -0.3pp -0.4pp 13.3 CHANGE IN 11.2 13.2 13.6 4+ AUDIENCE 9.1 8.8 9.5 9.1 SHARE BETWEEN H1 2008 AND H1 20
Slide 10: M6 channel delivers solid primetime performance
2. AUDIENCE RATINGS - TELEVISION 2019: THE M6 CHANNEL DELIVERS A SOLID PRIMETIME PERFORMANCE DUE TO THE STRENGTH OF ITS BRANDS AUDIENCE SHARE 4+ / WRP-50 (%) / AUDIENCE IN MILLIONS OF VIEWERS 9.10PM-11PM TIME SLOT - CONSOLIDATED AUDIENCE FIGURES = over 5 years down 1pp -1 pp over 5 years 17 19 19 18
Slide 11: 2018-2019 Season: M6's long-standing brands grew even stronger
BEST SEASON FOR LEADER FOR WRP<50 WRP<50 FOR 6 YEARS 2. AUDIENCE RATINGS - TELEVISION 2018-2019 SEASON: M6’S LONG-STANDING BRANDS GREW EVEN STRONGER 2ND BEST SEASON FOR BEST SEASON FOR 7 YEARS WRP<50 FOR 9 YEARS BEST SEASON FOR 11 GROWTH FOR 3RD SEASON WRP<50 FOR 8 YEARS
Slide 12: M6 dominates TF1 in access primetime amongst WRP<50
2. AUDIENCE RATINGS - TELEVISION M6 DOMINATES TF1 IN ACCESS PRIMETIME AMONGST WRP<50 WRP<50 PREVIOUS DAY AUDIENCE SHARE MONDAY - FRIDAY IN H1 2019 7.45PM – 9PM 18.7% 17.4% RECORD SEASON FOR 7 YEARS RECORD SEASON FOR 3 YEARS 22% WRP<50 20% WRP<50 4.0M 2.6M 12 Source: Médiamétrie,
Slide 13: Television DTT Audience Ratings
TELEVISION DTT AUDIENCE RATINGS
Slide 14: W9 and 6ter among the leading DTT channels on the commercial target
2. AUDIENCE RATINGS — TELEVISION — DIT W9 AND 6TER AMONG THE LEADING DTT CHANNELS ON THE COMMERCIAL TARGET H1 2018 HI 2019 30 3-1 5.23.9 272.6 292.3 2423 wg 4+ AUDIENCE LoTR eee LT 1716 4516 i ae SHARE (%) 11Ve2 411.2 ql BER EREEE el TMC] We | RC eA Ger A a LFOUIPE Gastar) 229) (a EO fronceinfo 45 4
Slide 15: 2019: W9 and 6ter post year-on-year growth
2. AUDIENCE RATINGS – TELEVISION – DTT 2019: W9 AND 6TER POST YEAR-ON-YEAR GROWTH W9 GAINED GROUND YEAR-ON-YEAR AMONGST WRP<50 5TH RANKED DTT CHANNEL ON THE COMMERCIAL TARGET +0.1PP WRP<50 YEAR-ON-YEAR +0.2PP WRP<50 YEAR-ON-YEAR The most powerful reality TV offering on television Consolidated audien
Slide 16: Puissance TNT – the leading DTT service
2. TELEVISION – AUDIENCE RATINGS – DTT PUISSANCE TNT – THE LEADING DTT SERVICE H1 2018 / H1 2019 AUDIENCES (WRP<50) +0.3pp 6.8% 6.5% +0.3pp -0.1pp 4.5% 4.2% 3.4% 3.3% THE LEADING ADVERTISING SERVICE ON DTT 16 Source: Médiamétrie Médiamat
Slide 17: Continued investment in content
2. PROGRAMMING COSTS OF FREE-TO-AIR CHANNELS CONTINUED INVESTMENT IN CONTENT PROGRAMMING COSTS OF OFFICIAL BROADCASTER FREE-TO-AIR CHANNELS (€M) AUDIENCES FOR THE 2 H1 2018 MATCHES VS. VS. H1 2019 +1.3% SHOWN IN H1 2019 6.1 M 5.1 M 224.5 227.5 STRONG EXPOSURE TO FRENCH SERIES 17 Source: M6 / Médiamé
Slide 18: Television 6play Audience Ratings
TELEVISION 6PLAY AUDIENCE RATINGS
Slide 19: High viewing figures on 6play
Strengthening of the Group’s digital A 6% contribution to the presence with TV audiences of Group channels on the Millennial 639 M videos target significantly higher than viewed over the half-year other channels’ replay +12% year-on-year services. 2. 6PLAY AUDIENCE HIGH VIEWING FIGURES ON 6PLAY 19 M
Slide 20: Radio Audience Ratings
RADIO AUDIENCE RATINGS
Slide 21: 2019: The RTL radio division 4.4 points ahead of nearest private rival
2. AUDIENCE RATINGS - RADIO JANUARY — JUNE 2019: THE RTL RADIO DIVISION 4.4 POINTS AHEAD OF NEAREST PRIVATE RIVAL AUDIENCE SHARES BY PRIVATE GROUP (%) Competitive +4.4 pp advantage over challenger 18.6 RTL Radio Division NRJ Group TF1 Publicité Radios (3 stations) (4 stations) (131 stations + M RIL
Slide 22: RTL retains its leadership, level with France Inter
2. AUDIENCE RATINGS - RADIO JANUARY —- JUNE 2019: RTL RETAINS ITS LEADERSHIP, LEVEL WITH FRANCE INTER GROWTH IN AUDIENCE SHARE OF LEADING STATIONS (%) -0.8pp Silep 12: — 1 +0.4 a © 5 oo -0.3pp = -1.1pp 67 6.2 6.26.0 +0.3pp -0.4pp -0.3pp atpe a ae 3.9 39 “PP -0-3PP40.5pp|__ -0.1pp sy 3:5 353.2 393.1
Slide 23: Fun Radio and RTL2 well placed on commercial targets
2. AUDIENCE RATINGS - RADIO FUN RADIO AND RTL2 WELL PLACED ON THE COMMERCIAL TARGETS AUDIENCE SHARE 25-49 YEAR OLDS 4 [MUSIC AGGREGATE) AUDIENCE SHARE PROFESSIONALS (2) TT s.c eS «: VIRGIN RADIO. Ee 3° VIRGIN RADIO : QG=> EE :.: sxvrock J 41 NOSTALGE (TT 3.1 NosTALGe J 4.0 eM SS 27 REM 3.4 CHERE FM
Slide 24: TV & Radio Key Figures
TV & RADIO KEY FIGURES
Slide 25: M6 Group advertising revenue reached an all-time high
2. ADVERTISING M6 GROUP ADVERTISING REVENUE +0.7% REACHED AN ALL-TIME HIGH 417.7 420.5 FREE-TO-AIR CHANNELS M6 GROUP NET ADVERTISING REVENUES (€ MILLIONS) H1 2018 H1 2019 +2.3% 539.3 OTHER OPERATIONS 527.1 +8.6% 109.4 118.8 H1 2018 H1 2019 H1 2018 H1 2019 25
Slide 26: Television Key Figures
2. TELEVISION KEY FIGURES REVENUE (€ M) EBITA (€ M) Growth in advertising revenue +1.4% 489.5 482.7 Increase in technological investments -5.5% 120.1 113.5 Increase in programming costs H1 2018 H1 2019 26
Slide 27: Radio Key Figures
2. RADIO KEY FIGURES REVENUE (€ M) EBITA (€ M) Growth in advertising revenue +5.8% 82.3 77.8 +15.0% Continued implementation of 12.0 synergies linked to 10.4 the integration into M6 Group H1 2018 H1 2019 27
Slide 28: Production & Audiovisual Rights
PRODUCTION & AUDIOVISUAL RIGHTS
Slide 29: Production & Audiovisual Rights: a stronger line-up of distributed films
2. PRODUCTION & AUDIOVISUAL RIGHTS DISTRIBUTION One film A STRONGER LINE-UP OF 1.2 M REVENUE (€ M) DISTRIBUTED FILMS THAN ADMISSIONS IN H1 2018 H1 2018 +25.5% H1 2019 40.1 1.1 M ADMISSIONS IN 31.9 H1 6 FILMS Biggest box office success for a French animated film in 12 years (more than 4 million admis
Slide 30: Diversification
A, éntadis HA, A DIVERSIFICATION
Slide 31: Increase in business volume excluding deconsolidation effect
2. DIVERSIFICATION INCREASE IN BUSINESS VOLUME EXCLUDING DECONSOLIDATION EFFECT DECLINE IN INCREASE IN REVENUE AND EBITA* REVENUE AND EBITA OF MONALBUMPHOTO REVENUE (€ M) Momentum in cashback H1 2018 -7.3% H1 2019 +3.2%* 110.7 Lower revenues partially offset by the arrival within 99.4* 102.5 the sco
Slide 32: Financial Statements
PrGROUPE | FINANCIAL STATEMENTS
Slide 33: Condensed consolidated statement of comprehensive income
H1 2019 / H1 2018 M6 Group 30 June 2018 restated 30 June 2019 change (€ millions) Revenue 703.2 714.6 11.4 Other operating revenues 8.5 2.0 (6.5) Total operating revenues 711.7 716.5 4.8 Materials and other operating expenses (348.7) (338.6) 10.1 3. FINANCIAL STATEMENTS Personnel costs (including pr
Slide 34: Condensed balance sheet
2019 / 2018 change M6 Group 31 December 2018 30 June 2019 (€ millions) Goodwill 193.6 193.6 - Non-current assets 363.0 383.3 20.2 3. FINANCIAL STATEMENTS Current assets 820.0 825.1 5.0 CONDENSED Cash and cash equivalents 132.8 76.8 (56.1) BALANCE SHEET TOTAL ASSETS 1,509.5 1,478.7 (30.8) Group equit
Slide 35: Cash flow statement
2019 / 2018 30 June 2018 M6 Group 30 June 2019 change restated (€ m) Self-financing capacity from operations 184.7 204.9 20.2 Operating WCR movements (68.2) (45.1) 23.1 Income tax (10.6) (42.4) (31.8) Cash flow from operating activities 105.9 117.4 11.4 Cash flow from investment activities (58.1) (4
Slide 36: Acquisition of Lagardère's Television Division
ACQUISITION OF LAGARDÈRE’S TELEVISION DIVISION
Slide 37: Completion of acquisition of Lagardère Group's television division expected 2 September 2019
4. ACQUISITION OF LAGARDÈRE’S TELEVISION DIVISION COMPLETION OF THE ACQUISITION OF LAGARDERE GROUP’S TELEVISION DIVISION EXPECTED ON 2 SEPTEMBER 2019 Kids and pre-school pay TV Music & millennials Music & entertainment Free-to-air children’s A LEADING TV DIVISION FOR pay TV channels Canal J & Tiji T
Slide 38: Questions & Answers
~ eae re | Z | QUESTIONS | ANSWERS _ |