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9M 2019 Financial Results Presentation 26 November 2019

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9M 2019 Financial Results Presentation 26 November 2019 9M 2019 Financial results presentation 26 November 2019 Strictly Confidential Disclosure regarding forward-looking statements and the presentation of certain financial information This presentation contains forward-looking statements, which include all statements other than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “estimates”, “would”, “will”, “could”, “should” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual performance or achievements to be materially different from future performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future strategies and the environment in which we will operate in the future. These forward- looking statements speak only as at the date of this Presentation. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based. This Presentation contains summary unaudited condensed financial information for Adria Midco B.V. and its subsidiaries for the nine months ended September 30, 2019. The statement of financial position for Adria Midco B.V. and its subsidiaries as at 30 September 2019 and as at 30 September 2018, as well as the condensed consolidated interim statements of profit or loss and cash flows for Adria Midco B.V. and its subsidiaries for the nine months periods then ended have been prepared in accordance with IFRS, but have not been reviewed by our independent auditors. As a consequence, the summary condensed financial information presented is subject to potential change. If in connection with any review there is any material change to such summary condensed financial information, we intend to present a supplemental report detailing such change. Certain financial measures and ratios related thereto in this Presentation, including EBITDA, Adjusted EBITDA, Adjusted EBITDA minus capital expenditure, RGUs and ARPU (collectively, the ‘‘Non-IFRS Measures’’) are not specifically defined under IFRS or any other generally accepted accounting principles. These measures are presented here because we believe that they and similar measures are widely used in our industry as a means of evaluating a company’s operating performance and financing structure. Our management believes this information, along with comparable IFRS measures, is useful to investors because it provides a basis for measuring the operating performance in the periods presented. These measures are used in the internal management of our business, along with the most directly comparable IFRS financial measures, in evaluating the operating performance. These measures may not be comparable to other similarly titled measures of other companies and are not measurements under IFRS or other generally accepted accounting principles, and you should not consider such items as alternatives to net income (loss), operating income or any other performance measures derived in accordance with IFRS, and they may be different from similarly titled measures used by other companies. 2 Agenda 01 Introduction 02 Operational review 03 Financial review 04 Mergers & Acquisitions 05 Appendices 3 United Group: Proven cable growth & sustainable leadership through media The leading multi-play communications and media Revenue* by category (LTM 9M 2019) provider in South-East Europe . LTM 9M 2019 Revenues: €737m Other revenues 6% . LTM 9M 2019 Adjusted EBITDA: €289m Cable Pay-TV United Group is a well-diversified business with leading 23% market positions in Serbia, Croatia, Slovenia, Bosnia Media Herzegovina, Montenegro and, with the signing of the 25% Vivacom acquisition, Bulgaria . 5m households watching United Group channels . Over 1.8m homes using broadband and telecoms services, attracted by better service and increased 18% choice 4% Broadband Internet OTT Operating in a market characterized by continued 11% growth in Pay-TV and broadband, that remains 4% Mobile service 8% underpenetrated relative to other CEE and Western Telephony Fixed-line European markets DTH Pay-TV Reputation for providing the most attractive content in our respective markets, available across all devices and formats Led by a dynamic and entrepreneurial founder with an experienced home-grown management team A significant private employer in the region * External revenue (not including Inter-segment revenue) Large and growing integrated media business well-positioned across the media value chain Regional platform delivers strategic scale for monetisation of content investments 4 United Group: an outstanding track record of growth Compound annual growth rates from 2015- Revenue 2018 CAGR . Revenue: 19% +19% €737m €725m . Adjusted EBITDA: 17% €636m €518m €459m Completed more than 100 successful €377m acquisitions since 2000 Owned by funds affiliated with BC Partners and KKR, EBRD and by management 2015 2016 2017 2018 LTM L2QA* Biggest PE / FDI investment in South Eastern 9M 19 9M 19 Europe Adjusted EBITDA CAGR First regional company to raise foreign debt €365m +17% €289m €297m €261m First to attract investment from EBRD €223m €190m €161m 2015 2016 2017 2018 LTM L2QA* PF L2QA* 9M 19 9M 19 9M 19 Outstanding track record of growth resulting from organic growth and acquisitions * As reported L2QA performance of United Group. 5 ** Pro Forma L2QA Adjusted EBITDA includes adjustment for Tele2 acquisition and United Media 2018 acquisitions. United Group‘s integrated business model is a key differentiator Pan regional platform Cable & Mobile Leading integrated media #1 multi-play operator platform Large, well-invested network . 15,600km of fiber optic cable . Fully upgraded to EuroDOCSIS 3.0 . Market leading broadband speeds Virtuous First in the region with OTT (2103) and 4G (2015) circle of Major local producer of quality content World first EONTV / Google partnership growth across genres: Differentiated by excellence in customer . Supports growth, increased choice service reflected in: and innovation . Consistently high customer . Provides predictable carriage fees satisfaction scores Independent news – CNN / N1 partnership . Low customer churn of Distribution partner of choice for premium approximately 10% per annum 3rd party content such as world class sports Differentiation 6 Agenda 01 Introduction 02 Operational review 03 Financial review 04 Mergers & Acquisitions 05 Appendices 7 Strong organic growth across all key services RGUs +4% CAGR 3.87m +10% 3.79m 3.74m 3.61m 3.15m 2.85m 2015 2016 2017 2018 9M 2018* 9M 2019 RGUs by service +1% +4% 1.16m 1.17m +9% +7% 0.81m 0.84m 0.68m -4% 0.62m 0.54m 0.50m -3% +37% 0.47m 0.45m 0.12m 0.12m 0.05m 0.07m 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 2018* 2019 2018* 2019 2018* 2019 2018* 2019 2018* 2019 2018* 2019 2018* 2019 Broadband Fixed-line Mobile Cable Pay-TV DTH pay-TV OTT Other services internet telephony services Successful record of upselling and cross-selling multi-play packages * 2018 restated – Following a change in RGU classification methodology at the start of 2019, 2018 figures have been restated to facilitate like-for-like comparison. As a result of the new approach, OTT 8 users on our network are now classified as Cable and Cable services users on other networks, which are in turn reported under Other Services. Besides RGU and subscriber figures, this change also had an immaterial effect on ARPU. All 2018 operational figures are restated in line with the new approach. Continued ARPU increase across all subgroups Group Blended cable ARPU +3% CAGR €22.7 +6% €22.1 €21.9 €20.6 €19.4 €18.3 2015 2016 2017 2018 9M 2018* 9M 2019 Blended cable ARPU by subgroup +3% +6% +4% €35.6 €36.7 +4% €21.0 €18.9 €19.5 €19.7 €17.5 €18.2 9M 2018* 9M 2019 9M 2018* 9M 2019 9M 2018* 9M 2019 9M 2018* 9M 2019 SBB Serbia Telemach Slovenia Telemach BH Telemach MNE ARPU growth through up-sell, cross-sell and price increases * 2018 restated – Following a change in RGU classification methodology at the start of 2019, 2018 figures have been restated to facilitate like-for-like comparison. As a result of the new approach, OTT 9 users on our network are now classified as Cable and Cable services users on other networks, which are in turn reported under Other Services. Besides RGU and subscriber figures, this change also had an immaterial effect on ARPU. All 2018 operational figures are restated in line with the new approach. Agenda 01 Introduction 02 Operational review 03 Financial review 04 Mergers & Acquisitions 05 Appendices 10 Revenue up 23% YoY Revenue Drivers of revenue growth: CAGR +19% • price increases and cross-selling +23% • growth in the number of +13% €737m +23% +22% €636m subscribers €518m €542m • increase of CableTV and €459m €440m €377m NationalTV carriage fees • increased advertising and media selling • improved performance of acquired companies 2015 2016 2017 2018 LTM 9M 9M 2018 9M 2019 Revenue by subgroup (YTD 19) 2019 +79% +5% +5% €200m €170m €179m €163m €171m +7% €112m -32% €51m €55m +7% €33m €10m €11m €23m 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 9M 2018 2019 2018 2019 2018 2019
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