Wanda Sports : Fourth Quarter and Full Year 2019 Earnings Conference Call Presentation

EARNINGS CONFERENCE CALL PRESENTATION

Fourth Quarter and Full Year 2019

April 30, 2020

SAFE HARBOR STATEMENT

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of

the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to

management quotes and our financial outlook. These forward-looking statements can be identified by terminology such as "will," "estimate," "project," "predict," "believe," "expect," "anticipate," "intend," "potential," "plan," "goal" and similar statements. We may also make written or oral forward-looking statements in our periodic reports to the U.S. Securities and Exchange Commission ("SEC"), in our annual report to shareholders, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking

statements and, consequently, could be affected by the uncertain and unprecedented impact of COVID-19 on our business

and operations and the related impact on our liquidity needs. These forward-looking statements include, but are not limited to, statements about: the impact of the spread of COVID-19 and related mitigation efforts on our business, operations and operating results; our goals and strategies, including following the completion of the sale of the IRONMAN Group; the expected growth in our industry; our expectations regarding our ability to attract rights-in partners and monetize their rights through rights-out arrangements; changes in consumer behavior and consumer and corporate spending, including as a result of the COVID-19 crisis; our ability to reach acceptable levels of engagement with our athletes following the COVID-19 crisis; our future business development, results of operations and financial condition; competition in our industry; general economic and business conditions, including as a result of the COVID-19 crisis; and assumptions underlying or related to any of the foregoing as well as risks, uncertainties, and other factors described in "Risk Factors" and elsewhere in our registration statement on Form F-1, which is available on the SEC's website at www.sec.gov. Additional information will be made available in our annual report on Form 20-F for the year ended December 31, 2019 and other filings that we make from time to time with the SEC.

In addition, any forward-looking statements contained in this press release are based on assumptions that we believe to be

reasonable as of this date. We undertake no obligation to update any forward-looking statements to reflect events or

circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

2

Who We Are

We are aGlobal Sports Events, Media andMarketing Platform with

Significant	Long-term	Broad
Intellectual Property Rights	Relationships	Execution Capabilities

Uniting People in Sports and Enabling Athletes and Fans to Live Their Passions and Dreams

FINANCIAL RESULTS

Q4 2019

• Total Revenuereached €255.5million
• • Excluding the impact of reimbursement revenue(1), total revenue was € 252.2 million
• Gross Profitwas €94.4 million
• Net Losswas €258.6 million
• • Mainly due to anon-cash goodwill impairment loss of €254.3 million
• Adjusted EBITDAwas €44.8 million

Notes:

R E V E N U E

EUR MM

-3%

YOY Change

-3%

263.2

2.3

255.5

3.3

245.2

260.9

2.6

252.2

242.6

4Q183Q194Q19

Revenue (ex. reimbursement ) Reimbursement Revenue

G R O S S P R O F I T

EUR MM

Gross	36%	35%	37%
margin
		YOY Change	0%
	94.4		94.4

84.8

4Q183Q19 4Q192

1. Reimbursement revenues represent revenue that has associated costs of a similar, generally matching, amount (reimbursement costs), thereby resulting in a negligible gross margin impact. The negligible gross margin impact from reimbursement revenues and reimbursement costs (as opposed to a zero gross margin impact as may be otherwise expected) is due to temporary timing differences mainly resulting from foreign exchange effects on invoice settlements
2. EBITDA adjustments include: (1) Goodwill impairment loss, (2)Share-based compensation, (3) Expenses or charges relating to acquisitions, (4) Expenses or charges relating to IPO or financing, (5) Restructure and disposal of investments / subsidiaries, (6) Profit or loss from termination of certain rights-in partners following their insolvency, (7) Change in fair value of investments, (8) Bad debt expenses reflecting expected credit losses in trade account receivables that we had outstanding from a sports marketing and media rights firm (MP & Silva) as well as contract assets, as a result of the initiation of MP & Silva's insolvency process and (9) Losses on foreign exchange and derivatives, and other financial charges, and (10) Compensation offered to affected clients for fraudulent activities presumably undertaken by a form senior employee of one of the Group's subsidiaries, which only relates to 1Q2019

5

FULL YEAR 2019

• Total Revenuereached €1,030.1 million
• • Excluding the impact of reimbursement revenue(1), total revenue was €996.6million
• Gross Profitwas €343.7 million
• Net Losswas €273.8 million
• • Excluding thenon-cash expenses of goodwill impairment loss and the share-based compensation, there would have been a net profit of €6.0 million for full year 2019.
• Adjusted EBITDAwas €167.4million

R E V E N U E

EUR MM

-9%

YOY Change

	1,129.2	10%
954.6		1,030.1
219.2	33.5
62.8

891.8910.0996.6

2017

2018

2019

Reimbursement Revenue Revenue (ex. reimbursement )

G R O S S P R O F I T

EUR MM

Gross	35%	32%	33%
margin
		YOY Change	-6%

365.4

343.7

330.5

201720182019

Notes:

1. Reimbursement revenues represent revenue that has associated costs of a similar, generally matching, amount (reimbursement costs), thereby resulting in a negligible gross margin impact. The negligible gross margin impact from reimbursement revenues and reimbursement costs (as opposed to a zero gross margin impact as may be otherwise expected) is due to temporary timing differences mainly resulting from foreign exchange effects on invoice settlements
2. EBITDA adjustments include: (1) Goodwill impairment loss, (2)Share-based compensation, (3) Expenses or charges relating to acquisitions, (4) Expenses or charges relating to IPO or financing, (5) Restructure and disposal of investments / subsidiaries, (6) Profit or loss from termination of certain rights-in partners following their insolvency, (7) Change in fair value of investments, (8) Bad debt expenses reflecting expected credit losses in trade account receivables that we had outstanding from a sports marketing and media rights firm (MP & Silva) as well as contract assets, as a result of the initiation of MP & Silva's

insolvency process and (9) Losses on foreign exchange and derivatives, and other financial charges, and (10) Compensation offered to affected clients for fraudulent activities presumably undertaken by a form senior employee of one of the Group's subsidiaries, which only relates to 1Q2019	6

SEGMENT ANALYSIS

MASS PARTICIPATION SEGMENT

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MASS PARTICIPATION - Q4 2019

R E V E N U E			G R O S S P R O F I T
EUR MM			EUR MM
			Gross	35%	38%	34%
			margin
YOY Change	16%					YOY Change	13%
113.4
	92.6					43.6
79.7
					27.7		31.2

4Q18

3Q19

4Q19

4Q18

3Q19

4Q19

9

MASS PARTICIPATION - FULL YEAR 2019

R E V E N U E		G R O S S P R O F I T
EUR MM		EUR MM
		Gross	36%	35%	36%
		margin
YOY Change	15%			YOY Change	16%
	326.9
284.1
251.5					117.4
				100.8
			90.3

2017

2018

2019

2017

2018

2019

10

MASS PARTICIPATION EVENTS AND GROSS - PAID ATHLETES CONTINUE EXPANDING

N U M B E R O F

G R O S S - P A I D A T H L E T E S

	Number of Gross-paid
	Athletes (in thousand)
Period	2019	2018	YoY
Change
Q4	330	270	22%
Full Year	1,524	1,322	15%

N U M B E R O F E V E N T S

	Number of Events
Period	2019	2018	YoY
Change
Q4	62	70	-11%
Full Year	343	326	5%

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SPECTATOR SPORTS SEGMENT

12

SPECTATOR SPORTS - Q4 2019

R E V E N U E	G R O S S P R O F I T
EUR MM	EUR MM
	Gross	34%	31%	41%
	margin
YOY Change -13%			YOY Change	3%
149.3
129.3		51.4		52.9
105.8
			32.4

4Q18

3Q19

4Q19

4Q18

3Q19

4Q19

13

SPECTATOR SPORTS - FULL YEAR 2019

R E V E N U E		G R O S S P R O F I T
EUR MM		EUR MM
		Gross	36%	40%	33%
		margin
YOY Change	8%			YOY Change	-11%
	567.3			208.2
547.1			198.1

523.8	184.8

2017

2018

2019

2017

2018

2019

14

DPSS SEGMENT

15

DPSS - Q4 2019

R E V E N U E

EUR MM

	-2%
	YOY Change
	-5%
34.2	33.6
2.3	3.3
	26.0
	2.7
31.9	30.3
	23.3

4Q183Q194Q19

Revenue (ex. reimbursement )		Reimbursement Revenue

G R O S S P R O F I T
EUR MM
Gross	45%	34%	31%
margin
		YOY Change	-33%

15.3

10.3

8.8

4Q183Q194Q19

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DPSS - FULL YEAR 2019

R E V E N U E

EUR MM

-58%

YOY Change

0%

321.3

219.2

156.1

				135.9
62.8			33.5
93.3	102.1	102.4
2017	2018		2019
Revenue (ex. reimbursement )		Reimbursement Revenue

G R O S S P R O F I T
EUR MM
Gross	27%	18%	31%
margin
		YOY Change	-26%

56.4

42.2

41.5

201720182019

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FINANCIAL POSITION ANALYSIS

CASH AND CAPITAL EXPENDITURE

C a s h a n d C a s h E q u i v a l e n t s	C a p i t a l E x p e n d i t u r e
EUR MM	EUR MM
	% to Revenue
	1.3%	1.5%

177.0

163.2

14.214.9

2018

2019

2018

2019

19

CURRENT CREDIT STATUS

(in EUR MM)	Q2 2019	Q3 2019	Q4 2019
Adj EBITDA LTM	171.5	171.4	167.4
Debt
Short term Interest-bearing liabilities	371.4	203.5	204.6
Long term Interest-bearing liabilities	640.3	646.3	641.1
Total Debt	1,011.7	849.8	845.7
Cash and cash equivalents	186.5	122.8	163.2
Net Debt	825.2	727.0	682.4
Gross leverage ratio (Total Debt / Adj EBITDA)	5.9x	5.0x	5.1x
Net leverage ratio (Net Debt / Adj EBITDA)	4.8x	4.2x	4.1x
Total Asset	1,984.3	1,984.1	1,796.1
Total Liabilities	1,646.3	1,495.7	1,568.0

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Sustainable

Value Creation

in Key

Strategic

Initiatives

Financial Strengths as Key Driver to Value Creation

Financial

Guidance

• Expanding our Mass Participation IP portfolio with attractive events in growing markets;
• Extending existing rights agreements withlong-term partners and winning new contracts;
• Positioning our China business to capture the growth opportunities; and
• Increasing our digital offerings for transformation.
• Disciplined spending and effective expense management
• Strengthening balance sheet with debt deleveraging
• Cash preservations
• Due to the significant uncertainties relating to scope, duration and impact ofCOVID-19, we currently are unable to reasonably estimate what our 2020 financial performance will be and, accordingly, are not providing any updated guidance.

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APPENDIX

APPENDIX I - ACTUAL FINANCIAL PERFORMANCE VS GUIDANCE

		Fourth Quarter 2019
(in EUR MM)	Actual		Guidance
Total Revenue	255.5		245-260
Adjusted EBITDA	44.8		44-49
		Full Year 2019
(in EUR MM)	Actual		Guidance
Total Revenue	1,030.1		1,020-1,035
Adjusted EBITDA	167.4		167-172

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APPENDIX II - REVENUE BY SEGMENT

2019 Q4 Segment Revenue

DPSS

13%

Mass

Participation

2019 Full Year Segment Revenue

DPSS

13%

Mass

Participation

32%

Spectator Sports

51%

36%

Spectator Sports

55%

(in EUR MM)	EUR	% of Rev.	YoY Change
Mass Participation	92.6	36%	16%
Spectator Sports	129.3	51%	(13%)
DPSS	33.6	13%	(2%)
Total Revenue	255.5	100%	(3%)

(in EUR MM)	EUR	% of Rev.	YoY Change
Mass Participation	326.9	32%	15%
Spectator Sports	567.3	55%	8%
DPSS	135.9	13%	(58%)
Total Revenue	1,030.1	100%	(9%)

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APPENDIX III - INDEBTEDNESS

Interest-bearing Liabilities

The Ironman	Wanda Sport
Group Co Ltd
Group	21%
28%

Infront

Group,428

	December 31, 2019
(in millions)	EUR
Wanda Sport Group Co Ltd	€
	178.0
Infront Group	428.0
The IRONMAN Group	239.7
Total	€
	845.7

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THANK YOU

http://investor.wsg.cn/ [e-mail]