MA MANAGEMENT PRESENT GEMENT PRESENTATION TION Q2 Results for - - PowerPoint PPT Presentation

Q2 Results for 2020

MA MANAGEMENT PRESENT GEMENT PRESENTATION TION

C H R I S T O P H V I L A N E K , C E O I N G O A R N O L D , C F O

12.08.2020 Analyst and Investor Conference Call

12.08.2020 2

This presentation contains forward-looking statements which involve risks and uncertainties. The actual performance, results and timing of the business of freenet AG could differ materially from the expectations regarding performance, results and timing expressed in this presentation. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, pandemics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, services or other activities. This presentation does not constitute an offer to sell or a solicitation to purchase any securities of freenet AG. Any such decision must not be made on the basis of the information provided in this presentation. freenet AG does not undertake any obligation to publicly update or revise information provided during this presentation.

CA CAUTION UTIONAR ARY Y ST STATE TEMENT ENT

1 1 COVID-19 & ACHIEVEMENTS Q2/H1

• C. VILANEK, CEO

2 2 FINANCIALS Q2

• I. ARNOLD, CFO

3 3 Q&A SESSION

AGEN GENDA

12.08.2020 4

MAJO MAJOR R KPI KPIS

S SH

SHOW W RE RESILIEN SILIENCE CE FO FOR R H1 H1 20 20

1,271.0 1,271.0

mEUR

REVENUES

213,9 213,9

mEUR

EBITDA

140,7 140,7

mEUR

F R E E C A S H F LO W

4,014 4,014

EMPLOYEES

8,490,00 8,490,000

SUBSCRIBER BASE

12.08.2020 5

GR GROUP OUP SUBSCRIBE SUBSCRIBER R BASE ASE GR GROWS WS BY BY +60,800 +60,800 IN Q2 IN Q2

SU SUBSCR BSCRIBER IBER BASE ASE

8,490 8,490

+14.5

• 11.9

+51.7 +6.5

6,9 6,939 39,40 ,400

P O S T PA I D C U S TO M E R S

41,800

F R E E N E T F U N K

1,005,000

F R E E N E T T V C U S TO M E R S

504,100

WA I P U .T V S U B S C R I B E RS

(revenue generating)

8,430 8,430

F R E E N E T F U N K 1 F R E E N E T T V WA I P U .T V P O S T PA I D

in ´000s

(active, not pausing) 31.03.20 30.06.20

8,3 8,367 67

31.12.19

12.08.2020 6

COVID-19 IMPACTS IN MANY WAYS

PO POSIT SITIVE IVE NOTIO TION ▪ Robustness of a business model becomes particularly evident in times

• f crisis – freenet’s strategic focus on long-term customer/ revenue

relationships and a flexible cost structure pay off

▪ Crisis-induced operational unevenness compensated on an ad-hoc

basis without jeopardizing future business development

▪ More than 50% of customers are gained online - more than 70% of

sales transactions are supported by digital captive channels

▪ Company and organization proves to be flexible and

very transforming

▪ Group revenue and margins developed as expected

though focus on taking all business opportunities to generate some frontload

▪ EBITDA overperforming thanks to short-term cost

savings

▪ Digital Lifestyle revenues slightly down due to less physical sales ▪ Postpaid ARPU down as a result of lower roaming revenues ▪ Increased bad debt in B2B-business ▪ More competition online drives SACs for the channel CR CRITICA ITICAL ASPE ASPECTS CTS

12.08.2020 7

SU SUCC CCES ESS AT FUNK… ▪ Digital distribution via App-only (iOS and android) ▪ Tariff structure: 5GB LTE - 10GB LTE - 15GB LTE at 10 EUR - 15 EUR - 18 EUR;

• ne-time-activation fee: 10 EUR

▪ Allnet flat voice and text with EU-data packages ▪ LTE 21.6 (5GB) and LTE 50 (10GB und 15GB) on Vodafone network

FIRST FUNK, NOW FLEX – DIGITAL TARIFF PORTFOLIO SUPPLEMENTED

…USED TO DEVELOP NEW DIGITAL PRODUCT

20.4 30.6 34.3 35.3 41.8 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

▪ First fully digital tariff and an inhouse solution

in ‘000s:

12.08.2020 8

PRICES AT FREENET TV INCREASED

FREEN REENET ET T TV V SU SUBSCR BSCRIBERS IBERS (R (RGU)

in ´000s

1,020 1,037 1,037 1,021 1,017 1,005 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

▪ New prices as of May 1st plus 1,24 Euro (gross) per month with direct debit customers ▪ Exchange of prepaid vouchers not yet finished due to COVID-19 closing of retail; new price plus 16 Euro (gross) per annum ▪ Detailed analysis on churn only available by end of Q3, early indicators show relevant pay back ▪ Continuous switch-off of Satellite customers (-14,000 before end of 2020) ▪ Additional channel increased program

• ffering of freenet TV: ‘Comedy Central’

virtually stable, but churn from direct debit customers

12.08.2020 9

CON CONTIN TINUOUS IM IMPR PROVEM VEMEN ENT T IN IN Q2 ▪ With addition of RTL‘s HD channels RTL, RTL Zwei, Nitro,

RTL Plus, N-TV, Super RTL, Toggo Plus, Vox and Vox Up substantial channel line-up now available in HD quality

▪ Further new channel additions broadening content offering

include Motorvision TV, travel documentary channel tvtraveller and recreational fishing channel Wir Angeln.

▪ Successful ‚stay at home‘ TV campaign during German

COVID-19 lock-down may have led to customer front loading

133 174 202 252 286 332 366 408 453 504 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

WAI WAIPU PU.T .TV V SU SUBSCR BSCRIBERS IBERS

Subscribers slightly above expectations (+172,200 or +51.9% yoy); +51,700 subscribers gained in Q2 20

in ‘000s

WAIPU WAIPU.TV .TV GR GROWTH WTH SLIGH SLIGHTL TLY Y ACCE CCELER LERATED TED

May and June were the first EBITDA positive months in waipu.tv’s history

12.08.2020 10

OUT OUTLOOK OOK FOR FOR 3RD 3RD QU QUAR ARTER TER

MOBIL BILE E SE SEGMEN ENT ▪ Second half of June and first 2 weeks of July signal a path back to normal though direct channels will remain more important ▪ Churn intake was lower during shutdown, levels normalize as well; overall we perceive a lower rotational churn than before ▪ Up- and cross-selling is more challenging due to more online and shorter sales sessions in the stores as a result of hygiene guidelines ▪ ARPU in Q3 is expected to be impacted by missing roaming revenues again TV V AN AND D MEDIA DIA SEGMENT ▪ freenet TV – price increase will become more visible and measurable since voucher due dates mainly in July and August ▪ In general TV lacks major events such as Olympic Games or Football tournaments which lowers attention and likelihood of cord

cutting and dish dismantling

▪ Missing events leads to an almost shut down of event-unit in Media Broadcast ▪ DAB – 2nd Bundesmux will launch in Q4 with 12-16 new broadcasting customers, technical preparation will happen in Q3

12.08.2020 11

227.3 219.4 219.4 230.1 Q1 19 Q2 19 Q3 19 Q4 19

REVEN REVENUE GROSS SS PR PROFIT IT

ST STEAD EADY Y AS AS IT GOES IT GOES

FIRST FIRST HALF ALF-YEAR YEAR

▪

Revenue w/o Motion TM up 24.3 mEUR to 1.271 mEUR due to strong Q1 sales in Mobile segment; Q2 stable.

▪

Gross profit reported down to 425.7 mEUR (-4.7 per cent yoy) as expected due to different impacts within Mobile segment.

▪

Adjusted EBITDA increased though COVID-19 effects were included. Main driver: cost savings and a consequent cost discipline.

EBITD EBITDA

213.2 212.5 Q1 20 Q2 20 224.9 219.3 222.1

• 2.0
• 5.0

230.9

• 5.0

107.9 107.5 110.3 101.0 Q1 19 Q2 19 Q3 19 Q4 19 107.4 109.5 115.1 104.2 Gross Profit w/o Motion and reg. effects EBITDA w/o Motion and reg. effects 0.1 0.2 1.8

in mEUR in mEUR in mEUR

104.2 109.7 Q1 20 Q2 20

• 5.0
• 5.0

218.2 109.2 Q1 20 Q2 20 Q1 19 Q2 19 Q3 19 Q4 19 689.9 699.1 741.0 802.5 2.1 2.2 4.2 2.4

• 2.0
• 5.0
• 5.0

0.5 622.4 624.3 656.3 706.1 67.5 74.8 84.7 96.4 648.8 622.1 217.5

• 5.0
• 5.0

114.7 International calls/ roaming Motion TM

12.08.2020 12

GROSS SS PR PROFIT IT

MOBILE MOBILE SE SEGME GMENT PE PERFO RFORM RMED D ST STABLE ABLE

NO CO COVID VID-19 IM IMPACT VISIBL CT VISIBLE E

▪

Revenue w/o Motion TM up 23.2 mEUR to 1,136.8 mEUR due to strong Q1 hardware sales (Gravis); Q2 developed stable.

▪

Reported gross profit declined by 22.3 mEUR (-6.4 per cent yoy) to 326.1 mEUR due to the impact of international calls (-8.0 mEUR), de-consolidated Motion TM (-4.6 mEUR), and an extra-ordinary hardware bonus received in Q1 19 (-6.0 mEUR).

▪

Adjusted EBITDA reported at 196.9 mEUR increased by 4.8 mEUR compared to the same period last year (192.1 mEUR) mainly based on cost savings.

EBITD EBITDA

179.6 168.9 169.3 174.0 Q1 19 Q2 19 Q3 19 Q4 19

• 2.0
• 5.0
• 5.0

96.5 90.4 94.9 85.4 Q1 19 Q2 19 Q3 19 Q4 19 Gross Profit w/o Motion and reg. effects EBITDA w/o Motion, reg. effects and inter-segment allocation International calls/ roaming

• 2.0
• 1.8
• 1.8
• 1.8
• 2.0
• 5.0
• 5.0
• 0.1
• 0.1

0.1

• 0.0

Inter-segment allocation

in mEUR in mEUR

91.6 91.0 Q1 20 Q2 20 165.3 160.8 Q1 20 Q2 20

• 5.0
• 0.2
• 2.2
• 5.0

98.7

REVEN REVENUE

in mEUR

582.6 554.2 Q1 20 Q2 20

in mEUR

Q1 19 Q2 19 Q3 19 Q4 19 67.5 74.8 84.7 96.4 624.7 631.3 672.7 730.2 2.1 2.2 4.2 2.4 177.0 168.8 172.1 174.8 170.5 97.8 94.3 101.5 90.5 0.1 0.2 1.8 0.5 Motion TM 557.1 556.5 588.0 633.8

• 5.0
• 0.6

166.4

• 2.1
• 5.0

98.2

12.08.2020 13

42.1 44.6 46.5 56.6 Q1 19 Q2 19 Q3 19 Q4 19 6,862 6,834 6,866 6,903 Q1 19 Q2 19 Q3 19 Q4 19

POSTP POSTPAID AID CUST CUSTOMER R BASE ASE GR GROWI WING NG DES DESPITE PITE CO COVID VID-19 19 IMP IMPACTS CTS

6,925 6,939 Q1 20 Q2 20

PO POST STPAID AID CUS CUSTOMERS ERS

18.8 18.8 18.8 18.5 18.4 18.1 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20

AR ARPU PU PO POST STPAID AID

in EUR

DEVEL DEVELOPM PMEN ENT T WITH WITHIN IN GUID IDANCE ANCE

▪

Despite negative effects from COVID-19 in Q2 number of postpaid customer increased based on online sales strength.

▪

ARPU decline reflecting regulation as in quarters before. In addition, ARPU burdened by less roaming revenues (no relevant EBITDA effect).

▪

Revenues from Digital Lifestyle products decreased slightly by 0.9 mEUR (-1.1 per cent) compared to H1 19. COVID-19 shutdown of retail chain was the main reason for first slight decline in DLS history. 43.0 42.8 Q1 20 Q2 20

DIGIT IGITAL LIF IFES ESTYL TYLE (DL (DLS) S) REVEN REVENUES ES

in ‘000s in mEUR

12.08.2020 14

39.1 40.7 40.6 45.8 Q1 19 Q2 19 Q3 19 Q4 19 Gross Profit w/o inter-segment allocation 61.0 62.9 63.8 66.1 Q1 19 Q2 19 Q3 19 Q4 19

TV TV & & MEDIA MEDIA SLIGHTL SLIGHTLY Y UP UP DESPITE DESPITE CO COVID VID-19 19 IMP IMPACTS CTS

EBITD EBITDA EXPE EXPECT CTATIO TIONS S MET ET IN IN AL ALL AR AREAS EAS

▪

Revenues in the TV & Media segment increased by 1.6 per cent or 2.0 mEUR yoy to 125.9 mEUR mainly due to EXARING (waipu.tv).

▪

Gross profit increased by 1.3 mEUR yoy as a result of the positive EXARING contribution.

▪

EBITDA develops in line with gross profit, cost base slightly improve.

REVEN REVENUE GROSS SS PR PROFIT IT

60.7 65.2 Q1 20 Q2 20 38.1 43.1 Q1 20 Q2 20

• 1.5

39.6 14.3 18.9 19.4 20.9 Q1 19 Q2 19 Q3 19 Q4 19 16.1 20.7 20.9 22.5 EBITDA w/o reg. effects and inter-segment allocation

• 1.8
• 1.5
• 1.5
• 1.7

Inter-segment allocation

in mEUR in mEUR in mEUR

• 1.4
• 1.4
• 1.4

42.2 40.5 41.9 47.1

• 1.3

15.5 20.9 Q1 20 Q2 20

• 1.7

17.2

• 1.6
• 1.9

22.9 44.6

12.08.2020 15

S -0.6 mEUR S -0.9 mEUR

EBITDA H1/19 Inter-segment allocation EBITDA H1/19 w/o inter-segment allocation MB B2C MB B2B EXARING EBITDA H1/20 w/o inter-segment allocation Inter-segment allocation EBITDA H1/20 Gross profit H1/19 Inter-segment allocation Gross profit H1/19 w/o inter-segment allocation MB B2C MB B2B EXARING Gross profit H1/20 w/o inter-segment allocation Inter-segment allocation Gross profit H1/20

TV TV & & MEDIA MEDIA - RESUL RESULTS TS IMPR IMPROVE VE DUE DUE TO O GR GROWING WING IPTV IPTV BUSINE USINESS

▪

Gross profit w/o inter-segment allocation rose by 1.5 mEUR to 84.2 mEUR mainly induced by:

(1) Media Broadcast: lower profit from event

business

(2) EXARING: Higher B2C revenues due to

higher number of paying user

▪

EBITDA w/o inter-segment allocation increased by 3.3 mEUR to 40.1 mEUR due to:

(1) Media Broadcast: Negative gross profit

effect partially compensated by lower marketing spending

(2) EXARING: Higher B2C revenues and lower

marketing spending lead to positive EBITDA development 33.2 36.7 40.1 36.5 3.5 0.4

• 0.9

3.9

• 3.6

79.8 82.7 84.2 81.1 2.9 0.1

• 1.0

2.4

• 3.1

GROSS SS PR PROFIT IT H1 19 VS VS H1 20 20 EBITD EBITDA H A H1 19 19 VS VS H1 20 20

in mEUR in mEUR

12.08.2020 16

40-50 75-85 70-80 40-50 Q1 20 Q2 20 Q3 20e Q4 20e

EXPE EXPECTED CTED VS A VS ACTU CTUAL AL QUAR ARTE TERL RLY Y BR BREAK EAKDO DOWN WN

POSITIVE POSITIVE WORKING ORKING CAPIT CAPITAL AL EFFECT EFFECTS S EXP EXPECTED ECTED TO O PHA PHASE SE OUT OUT IN H2 IN H2

FREE REE CA CASH SH FLOW (FC W (FCF)

in mEUR in mEUR

49.9

• 32.6
• 13.7
• 17.3

46.0

• 32.9
• 23.1

0.4 140.7 426.8 213.9 90.8

12.08.2020 17

OTHER THER MAIN MAIN FIN FINANCIAL ANCIAL KPI KPIS: : EQU EQUITY ITY RA RATIO TIO, , NET NET DEB DEBT T & & LEV LEVERA ERAGE GE

30.06.19 30.06.20 28.6% 25.3% 4.4x 4.6x 4,911.6 4,721.2 30.06.19 30.06.20 918.0 2.2x 2.7x 30.06.19 30.06.20 2,175.1 1,891.5 1,272.1 T O T A L A S S E T S & E Q U I T Y R A T I O N E T D E B T & L E V E R A G E * A D J . N E T D E B T & L E V E R A G E *

* The last twelve months (i.e. July 2019 to June 2020 or July 2018 to June 2019 for the previous year) are used for the period-related parameter EBITDA. Equity ratio rose primarily due to the dividend suspension resulting in an increase of the equity base Leverage was also gradually improved due to the dividend suspension and the continued strong free cash flow generation Deducting increased market values of equity investments reduces leverage further below mid-term target

in mEUR/ as indicated in mEUR/ as indicated in mEUR/ as indicated

12.08.2020 18

PR PROMISSO OMISSORY NO NOTE TE LOAN AN SUCCESS SUCCESSFU FUL L DES DESPITE PITE DIFFICUL DIFFICULT T MARK MARKET ET ENV ENVIR IRONMEN ONMENT

KE KEY PO POINTS INTS HIGH IGHLIGH IGHTS TS ▪ Volume: 345.0 million Euros in 3 tranches ▪ Duration: 3.5 to 6.0 years ▪ Ø Interest rate: 1.61 per cent ▪ Step-down of 0.30 per cent points if leverage <3.0x ▪ Upfront fee: 0.6 per cent = 2.1 mEUR + 0.3 mEUR for

additional costs and redeeming fee

▪ SSD with maturity 03.03.2021: 228.0 mEUR early

redemption in 2020

▪ Joint Lead Managers: BayernLB, LBBW, Nord/LB,

UniCredit

▪ Targeted volume of 300 mEUR exceeded by 15 per cent ▪ Order book was already above the 300 million Euro hurdle

after two weeks

▪ Allocation "at the lower end" of the marketing range ▪ Documentation and interest rate level comparable to the

2018 SSD

▪ Funds are used to refinance the maturing promissory note

loans Financial situation eased sustainably – dividend policy of 80 per cent of free cash flow hence confirmed with even more confidence

12.08.2020 19

REFINANCING SIGNIFICANTLY SMOOTHES MATURITY STRUCTURE

258.5 428 163.5 170 12 23.5 23.5 40 570 2020 2021 2022 2023 2024 2025 2026

BEFOR EFORE E REFIN EFINANCI NCING NG

200 163.5 170 178.5 192 33.5 40 570 2020 2021 2022 2023 2024 2025 2026

AF AFTE TER REFI R REFINANCING ANCING

in mEUR in mEUR

∑ 1,689.0

Promissory Notes Syndicated Loan (excl. 300 mEUR RCF)

∑ 1,547.5

12.08.2020 20

Q4 19 Q1 20 Q2 20 Q3 20e Q4 20e

• adj. Q4 20e

▪ Strengthened capital base reached by these

two measures

▪ Both leverage and net debt decreased

significant

▪ Further decline expected until end of FY 2020

MEASURES MEASURES TAKEN AKEN RE RE-SHAPE SHAPED D FREENET’S FIN FINANCIAL ANCIAL AR ARCHITE CHITECTU CTURE RE

1 1 - DIV DIVIDEND IDEND SU SUSP SPEN ENSIO SION 2 2 - REF REFIN INANCING ANCING ▪ Increased uncertainty and volatility

caused by COVID-19

▪ Despite operational stability and

convinced of the crisis resilience of freenet’s business model

▪ 700 mEUR or c. 40% of borrowings

were due within 12 month

▪ Avoided challenging refinancing

conditions and prevented freenet from distress

▪ freenet used the opportunity to

refinance before maturity

▪ SSD in the amount of 345.0 mEUR in

3 tranches – comparable margins to current conditions

▪ Significant decrease of short-term

financing requirements

▪ No need for state aid and smoothing of

maturity structure Leverage ratio is expected to improve by 0.7x EBITDA by end of the year; incl. market value of equity investments (mainly Sunrise; share price 30.6.2020) leverage will be at 1.9x EBITDA – even below sector average

LEVERA EVERAGE E & & NET ET DEBT DEBT FORECA RECAST ST

LEVERAGE NET DEBT

• adj. NET DEBT

4.1x 4.7x 4.4x 4.3x 4.8x 1.9x

12.08.2020 21 Liquid funds H1 20 (act) FCF H2 2020 SSD repayment November 2020 Liquid funds YE 2020 FCF H1 2021 (est) SSD repayment March 2020 Liquid funds H1 2021 (est) Undrawn revolver

DIVI DIVIDEND DEND 2021 2021 NO NOT T IN IN JEOP JEOPARD RDY Y DUE DUE TO O ST STRONG ONG LIQUIDITY LIQUIDITY POS POSITION ITION

EXPE EXPECTED CTED DEVEL DEVELOPM PMEN ENT T OF LIQU IQUID F ID FUNDS DS

in mEUR

219.1

• 95.1

95-115 ≥ 100 ≥ 200

• 200

Free Cash Flow Guidance 2020: 235-255 mEUR Base dividend (guaranteed) 188-204 mEUR / ~1.47-1.60 EUR/share 80%

300 Funds available ≥ 400

CON CONFIRME IRMED D DIV DIVIDEND IDEND PO POLICY ICY

freenet AG Investor Relations investor-relations@freenet.ag www.freenet-group.de Tel.: +49 (0) 40 513 06 778

Untertitel (optional)

OPE OPEN N FOR FOR YOUR OUR QUESTIONS QUESTIONS.

F O R F O L L O W - U P Q U E S T I O N S R E A C H O U T T O :

12.08.2020 23

Q1 20 Q2 20 Hardware Other Service Revenue NoFrills/ Prepaid

MOBILE – DETAILED REVENUE SPLIT

Service Revenue Postpaid

582.6 387 385 387 381 33 34 35 32 110 108 129 192 26 30 37 28

Q1 19 Q2 19 Q3 19 Q4 19

557.1 556.5 588.0 633.8

FY 19

2,335.5 31 138 31 382 120 540 134 1,541

REVEN REVENUES ES W/O W/O MOTIO TION TM TM

in mEUR

554.2 28 121 29 376

12.08.2020 24

MAR ARKET ET OUTL TLOOK

▪

Despite various factors, a slight economical growth expected in Germany based on a steady domestic demand.

▪

Within the mobile communications market a moderate growth is forecasted.

▪

Total revenues in the German television market are expected to remain stable, while IPTV penetration is expected to grow

R E S U L T 2 0 1 9

STABLE BUSINESS OUTLOOK FOR ALL CUSTOMER SEGMENTS REITERATED…

Postpaid customer freenet TV RGU waipu.tv subs solid growth stable ARPU (€) stable moderate increase Postpaid customer freenet TV RGU waipu.tv subs 408 1,021 8,332 ARPU (€) 18.7 6,903

G U I D A N C E F Y 2 0 2 0

SUBSCRIBE BSCRIBER

(w/o freenet FUNK)

FIN INANCIA ANCIAL KPI PIS

▪

Postpaid ARPU expected stable

▪

Financial improvement of EXARING AG (waipu.tv) through customer growth; reaching break-even Q4 20

FREEN REENET ET S SUBSCR BSCRIBERS IBERS

▪

Postpaid customer base is expected to increase moderately

▪

freenet TV RGUs are estimated to remain stable compared to 2019

▪

waipu.tv subscriber are guided with a solid growth

in ‘000s/ as indicated:

confirmed 11 August 2020

12.08.2020 25

R E S U L T 2 0 1 9 R E S U L T 2 0 1 9

…GROUP GUIDANCE CONFIRMED

ST STAB ABLE E BUSIN SINES ESS S OUTL TLOOK

G U I D A N C E F Y 2 0 2 0

EBITD EBITDA

415 - 435 235 - 255 426.8 249.0

FREE REE CA CASH SH FLOW W

G U I D A N C E F Y 2 0 2 0 R E S U L T 2 0 1 9 G U I D A N C E F Y 2 0 2 0

REVE REVENUES

2,609.1* stable

(reported: 2,932.5)

in mEUR

* Without revenues contributed by

MOTION TM.

confirmed 11 August 2020

12.08.2020 26

QUAR ARTE TERL RLY Y BR BREAK EAKDO DOWN WN

FREE FREE CASH CASH FL FLOW W BRIDGE BRIDGE AND AND QU QUAR ARTERL TERLY Y BRE BREAKDO AKDOWN WN IN IN FY 20 FY 2020 20

FREE REE CA CASH SH FLOW (FC W (FCF) ) FY 20 Y 2020

• 25
• 50
• 40

+ 40

• 60
• 45

in mEUR in mEUR

235-255 415-435

40-50 75-85 70-80 40-50 Q1 20 Q2 20 Q3 20 Q4 20