Bertelsmann : Investor Conference Call – Präsentation zum 1. Halbjahr 2021

Bertelsmann

Interim Results 2021

Investor Conference Call

August 31, 2021

Rolf Hellermann, Member of the Executive Board and CFO of Bertelsmann

Interim Results H1 2021 -

Highlights and key topics

1. Record business performance | Revenues of €8.7 billion | Operating EBITDA of €1.4 billion (+42.5%) | Group profit more than doubled
2. Strong financial position | Leverage factor at 1.5x | High equity ratio of 42 percent | Commitment to prudent financial policy
3. Comfortable liquidity reserves | Solid cash conversion rate of 88% | Upcoming acquisitions covered | RCF extended to 2026
4. Strategy | National media champions | Global content | Global services | Online education | Investment portfolio
5. Outlook | Market uncertainties remain | Robust portfolio | Moderate revenue growth | Increase of EBITDA on comparable basis

1	August 31, 2021 · Bertelsmann · Interim Results 2021 Investor Conference Call

Group key figures - Strong organic revenue growth, Operating EBITDA at record high,

Group profit increased by €880m

Revenues, in € billions			Operating EBITDA1), in € millions
Reported	+10.7%		Margin	15.0%		12.7%		16.3%
Organic
+16.6%	+7.1%
		vs. pre-
		corona
		year
		2019

8.6		8.7
	7.8
			1,292		1,417
				994
H1 2019	H1 2020	H1 2021	H1 2019	H1 2020	H1 2021
1) H1 2020 restated

Group profit, in € millions

		1,368
502	488
H1 2019	H1 2020	H1 2021

2	August 31, 2021 · Bertelsmann · Interim Results 2021 Investor Conference Call

Divisions - Strong performance of Penguin Random House and Arvato, significant recovery of advertising businesses

													H1 2020	H1 2021
Revenues		3.0
in € billions	2.7									2.4
									2.1
		583	1.6	1.8
Operating
1)									400
EBITDA	367			324					305
in € millions			209						0.7	0.6
											EBIT
				0.5	0.5
					0.3	0.3
					28	57			19	26	0.2	0.1	188
							49	50					40	44	23
EBITDA	1)	19%	13%	18%	5%	10%	17%	17%	15%	16%	3%	4%	25%	32%
margin	14%

1) Restated

3	August 31, 2021 · Bertelsmann · Interim Results 2021 Investor Conference Call

Group profit -

Exceeds billion-euro mark already in the first six months of the current financial year

in € millions	H1 2020	H1 2021	Change	Comment
Operating EBITDA1)	994	1,417	+423	Strong performance of book publishing and service
businesses, recovery of advertising businesses
Depreciation and amortization1)	-436	-415	+21
Restructuring/other adjustments	-88	-59	+29	Lower restructuring expenses at RTL Deutschland, G+J and
	Prinovis
Impairments/reversals	-66	-5	+61	Impairment Atresmedia in previous year
Capital gains/losses and FV	401	991	+590	High capital gains from divestments especially due to
remeasurements	disposal of SpotX (+745) and Prisma (+49)
∑ Special items	247	927	+680
EBIT	805	1,929	+1,124
Financial result	-184	-155	+29	Lower expenses from derivates, additional expenses from
bond buyback
Income tax expense	-133	-406	-273	Increase mainly attributable to higher earnings before tax
Group profit	488	1,368	+880

1) H1 2020 restated

4	August 31, 2021 · Bertelsmann · Interim Results 2021 Investor Conference Call