Sportradar IPO Presentation Deck

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September 2021

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#1sp rtradar Initial Public Offering September 2021 ED sp rtradar 8#2Disclaimer Sportradar Group AG ("Sportradar" "we," "us," "our" or the "Company") has filed a registration statement (including a prospectus) on Form F-1 (File No. 333-258882) with the Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. The registration statement has not yet become effective. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, copies of the prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing at [email protected], Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by phone: 1-866-718-1649, Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146 and UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275 or by emailing of- [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The information, including financial information, contained herein has not been finalized and is subject to change. This Presentation was prepared exclusively for the benefit and internal use of the party to whom it is directly addressed and may not be used other than for the purpose of producing equity research reports. Any further distribution or reproduction of this presentation, in whole or in part, or the divulgence of any of its contents, is unauthorized. By accepting the presentation, each recipient agrees to maintain the confidentiality of the information contained herein. To the fullest extent permitted by law, in no circumstances will Sportradar or any of its respective subsidiaries, shareholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this presentation, its contents, its omissions, reliance on the information contained within it or on opinions communicated in relation thereto or otherwise arising in connection therewith. This presentation and the accompanying oral commentary contain "forward-looking statements based on the Sportradar's expectations and views of future events. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, information or predictions concerning the future of Sportradar's business, anticipated events and trends, potential growth opportunities, competitive position, technological and market trends, industry environment, potential market opportunities, the economy and other future conditions. These statements relate to events that involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors. The forward-looking statements made in this presentation relate only to events or information as of the date on which the statements are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. An investment in the combined company involves a number of risks. You should carefully consider those risks before making a decision to invest. We obtained the industry, market and competitive position date in this prospectus from publicly available information, industry and general publications and research, surveys and studies conducted by third parties. In addition, certain statistics, data and other information relating to markets, market sizes, market shares, market positions and other industry data pertaining to our business and markets in this prospectus are not based on published data obtained from independent third parties or extrapolations therefrom, but rather are based upon our own internal estimates and research, which are in turn based upon multiple third party sources, including data published by Boston Consulting Group (the "BCG reports"), the PwC Reports, N.J. Division of Gaming Enforcement, the H2 Report, Gambling Compliance Tracker and Statista Data. Industry publications and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this prospectus. All third-party trademarks, including names, logos and brands, referenced in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only and shall be considered nominative fair use under trademark law. We do not intend our use or display of other companies trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. We report under International Financial Reporting Standards (IFRS") as issued by the International Accounting Standards Board ("IASB"). None of our financial statements were prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). We maintain our financial books and records and publish our consolidated financial statements in Euros, which is our functional and reporting currency. There are important differences between IFRS and United States Generally Accepted Accounting Principles ("US GAAP"). This presentation also contains certain supplemental financial measures that are not calculated pursuant to International Financial Reporting Standards (IFRS). These non-IFRS financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of these non-IFRS financial measures versus their nearest IFRS equivalents. For example, other companies may calculate non-IFRS financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non IFRS financial measures as tools for comparison. Furthermore, the non-IFRS financial measures presented herein may not be presented in future SEC filings by Sportradar. sportradar#3Offering summary Sportradar Group AG NASDAQ / SRAD Issuer Ticker / exchange Offering size Number of shares Over-allotment option 15% (100% secondary) Filing range $25.00 $28.00 Use of proceeds Bookrunners $503.5 Million Primary; Additional $159.0 Million Concurrent Private Placement 19,000,000 Primary IPO Offering sportradar Fund incremental growth and future acquisition of, or investment in, companies, technologies, products or assets that complement our business, working capital and other general corporate purposes J.P. Morgan, Morgan Stanley Citigroup, UBS, Bank of America, Deutsche Bank, Jefferies, Canaccord Genuity Needham, Benchmark, Craig-Hallum, Sierbert Williams Shank, Telsey Advisory Group Co-managers Expected pricing date September 13th, 2021#4sportradar sportradar Carsten Koerl Chief Executive Officer, Co-founder and shareholder Co-founded Sportradar in 2001 Founder of BetandWin (renamed as Bwin, now part of Entain) Led the company, with two board colleagues, through Vienna stock market listing in 2000 bwin#5Introducing our world-class management team who founded the industry Management Team Alex Gersh Chief Financial Officer FLAG ✔betfur BT NDS Rainer Geier Chief Product Officer (Sports Entertainment) bwin SPORTSMAN Ulrich Harmuth Chief Strategy Officer sporti sportradar EGT BCG Warren Murphy Nick Maywald Chief Product Officer (Betting & Gaming) Chief Product Officer (Sports Solutions) Arne Rees CEO, Sportradar US ESPIT SPORTINGEN Werner Becher CEO, Sportradar EMEA adesso inter welten Anja Martin Chief Regulatory & Compliance Officer DIS NADA Lynn McCreary Paul Sanders Chief Legal Officer Chief of Staff fiserv. BRYAN CAVE Eduard Blonk Chief Commercial Officer SIEMENS Gigaset Alix Partners KEARNEY GE Captal Steelcase Ben Burdsall Chief Technical Officer worldpay Diamond pwe Board of Directors Jeffery Yabuki (Chairman) fiserv. Carsten Koerl (CEO) sp rtradar Deirdre Bigley John Doran George Fleet Hafiz Lalani Charles Robel Marc Walder cg Investments GoDaddy OCO Ringier Bloomberg TCV CPP Long-term Investors Carsten Koerl Today's Speakers CPP Investments TCV Michael Jeffrey Mark Jordan Lurie Cuban revolution (Ted Leonsis)#6sportradar Sportradar is the #1 provider of B2B technology solutions to the global sports betting industry by revenue Exploding TAM $58bn Sports betting TAM rest of world¹ $23bn U.S. sports betting TAM at maturity² $272bn $203bn Total sports and Total gaming TAM events TAM¹ Scaled, global infrastructure $478m 2020 Revenue #1 Data provider to bookmakers 120+ Countries #1 Sports events covered 8,300 Independently contracted data journalists Highly embedded model 78% 116% Subscription Revenues Dollar-Based Net Retention Rate 8 yr+ Tenure 0.6% Revenue Chum Source: BCG reports, H2 Gambling Capital (2020) Note: TAM stands for Tobe Addressable Market Represents global legal betting markets in 2025 excluding US and including eSports and virtual sports: U.S. market estimate for 2030 Represents total sports betting, casino, and bingo / other excludes horse racing gaming machines, and lotteries: Global sports#7We are pioneers in the B2B sports data and technology industry 2001 Sportradar founded Cul Live Data 2004 Live Data launched sportradar Integrity Services launched 2005 Live Odds launched Integrity 2006 1x2 Live Odds US US Sports 2013 US market entry via SportsData acquisition 2013 Audiovisual ("AV") Service launched AV 2014/15 Partnerships with NFL, MLB, NBA and NHL 2014 Managed Trading Services ("MTS) launched OOO MTS Platform 2019 Betting platform via acquisition of Optima 2018 Digital advertising ("Ad:s") launched Ad:s 2020 Simulated Reality launched S#8We sit at the intersection of large, converging markets Global sports betting and gaming market $272bn Total gaming¹ 7% CAGR $81bn Sports betting incl. US at maturity $58bn Sports betting (ex-US) 7% CAGR sportradar $4bn B2B betting data market 13% CAGR sp_rtradar Global sports, media and events market $203bn Total sports and events¹ 4% CAGR $121bn Media rights & gate rev. 4% CAGR Source: BCG reports, H2 Gambling Capital (2020) Note: Graphics represent 2025 TAM, 2021-2025 CAGR Represents total sports betting, casino, and bingo (other excludes horse racing, gaming machines, and lotteries Represents global legal betting markets in 2025 and includes U.S. market estimate for 2000 of $23bn, esports and virtual sports; Excludes $9.78n of US revenue in 2025, Global sports market including gale revenues, sponsorships, media rights, and merchandising#9Vision to enable more immersive experiences for sports fans and bettors globally Basic Betting Experiences Betting Operators $272bn Betting Products Gaming TAM Fan Interactivity Casual Bettors Fanatics sportradar Source: BCG reports, H2 Gambling Capital(2007) Bettors Heavy Bettors sportradare Sports Fans Casual Fans Advanced Betting Experiences Media Products Sports Teams & Leagues $203bn Sports TAM Media Companies Sports Media Content#10Sportradar serves as the backbone of the sports betting ecosystem 150+ Sports leagues Sports leagues ITF DFL PDC FIFA AO ONBA Live stats Audio visual Match-fixing detection Analytics Computer vision data collection Algorithms ML sportradar sportradare kindex (2010) Al Datasets Critical betting solutions Betting ticket data Sports fan engagement Viewership data 900+ Betting operators Represents total percentage of global population that has watched at least one sport online or on broadcast TV Betting operators FANDUEL FOX BET 350+ Media companies Media companies GNBC ESPIT BR Bettors and sports fans Sports fans End-user Heavy Bettors Casual Bettors Fanatics Casual Fans 83% of global population 10#11Data and proprietary technology power advanced Al and machine learning Optimized for rapid data ingest and low-latency Millisecond latency Cloud first development Built to handle 5x current workloads 740+ Software engineers sportradar LOW LATENCY SCALABILITY 30+ Al/ML experts AVAILABILITY sportradar Data & tech power Al- and machine learning-based use cases across our business DEPENDABILITY 20bn data files ingested from inception "Ring of Steel" data infrastructure Physical + public cloud Defense in Depth software development . Synthetic transaction monitoring All ISO 9001 certified for Quality Management, ensuring speed and accuracy in our proprietary data feeds 30m odds changes per minute 99.9% availability 11#124 sportradar sportradar Growth Drivers 3 2 1) Cross sell and upsell existing customers New products, content and capabilities Expansion to new markets M&A Upside 12#131 Long track record of up-sell and cross-sell with significant runway Cohort analysis (€m) 450M 400M 350M 300M 250M 200M 150M 100M 50M CAGR 1 20% 42% 24% 28% 28% 18% 28% 30% 20% 27% OM FYE 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Runway with existing customers % of sports betting customers using multiple products³ 44% 2018 47% 2019 sportradar akulated on compound aremal between 1 of service wth Sportadar through 2020, 2017 cohort impacted by change in intreal reporting systems. As a % of tota sports beting customers includes all Managed Trading Services customers in multiple products category, and excludes all Media only customers; 52% 2020 13#14We have used our differentiated platform to 2 expand across the value chain Ad:s Marketing Services Simulated reality sportradar Cross-sell new products sportradar One stop shop for sports betting Virtual games AVI content Sports Betting Operators Data driven marketing services for betting operators Move up the value chain Pre match odds Live data Managed Platform Service Operating leverage and scalability across our platform Live odds Managed trading services 14#15Sportradar 3 has invested well ahead of liberalization to solidify US leadership position Early innings of this explosive growth... ...and we are the first mover with a deep moat US Sports Betting TAM ($bn) $1 2019 21 States legal today $23 sportradar At Maturity 44 States expected to be legal by 2024, capturing 87% of total US population 16 States allowing online / mobile betting today Further adoption of online / mobile will drive explosive demand for Sportradar products Source: H2 Gambling Compliance (2020), BCG reports, Wall Street Research, Factset, Press BCG estimate of US sports beting market in 2030 This 85% manages nearly every legal bet placed by U.S. sports bettors sp rtradar 262 Full time employees (FTES) on ground 2014 First League deal Over 85% of all bookmakers in the U.S. are supplied sports data by Sportradar² 15#163 Sportradar's product portfolio is market leading and a critical enabler to B2C success B2B: Limited competition, Sportradar is the leader sportradar genius sports STATS PERFORM Exposure to TAM growth (revenue share model) Critical Infrastructure for B2C sportradar Data / Odds / AV Managed Sportsbook Solutions Ad:s B2C: Betting operators face significant competition DRAFT KINGS FOX BET BARSTOOL SPORTS FANDUEL William HILL BETMGM RUSH STREET 888 sport ACTION Current regional operators expected to enter sports betting Leagues, broadcasters, and other digital companies could also establish operations We enable and participate in growth of the US sports betting market 16#173 Servicing the US market requires Sportradar's differentiated, one-stop shop offering Content distributor Live Data Take Rate sportradar Live Odds / MTS Platform services AV streaming One-stop-shop service provider Ad:s / programmatic advertising iGaming content 17#18Early investment and leading know-how has 3 resulted in a US market share that exceeds RoW Supplying sports data to over 85% of all bookmakers in the US, with 90% on a revenue share model DRAFT KINGS BARSTOOL William HILL SPORTS RUSH STREET FANDUEL bet365 INTERACTIVE BETMGM Longstanding relationships with Tier 1 US leagues Year of first deal with Sportradar 60% + market share of sports media spend¹ FOX BR REPORT BLEACHER SPORTS sp_rtradar NHL A NBA Since 2015 Since 2014 Since 2014 Official sports betting, media and AV rights sportradar Includes spand for Api dira feeds, does not include services sourced to visualize dita, video products, and other related ar facencies CBS SPORTS 75 ESPA NBC Spora SINCLAIR G TURNER SPORTS Full technology and platform solution offering Fuelled by content and capabilities 18#194 Proven ability to create value through M&A venatrack) 2010 13 successful acquisitions since 2010: 2011 #of Customers sportradar Accelerate live data capabilities REAL TIME SPORTSCAST 20 at acq 2012 KLIKA SPORT STAT so SPORTSDATA 2013 >400 today REALTIME SPORTSCAST 2014 League and Team Technology Solutions Expand audiovisual sports offering globally Leading AV player globally SPORTSMAN the media holding Annual -$50m Revenue at acq BTD GROUP 2015 SPORTSMAN Estimates based on AV revenue today: includes impact of -68m of Sportfradar AV revenue pre-Sportsman acquisition 2016 Technology -$150m today ¹ MCAP 2017 OPTIMAMGS B2B Market Consolidation 2019 S SYNERGY InteractSport FRESH 8 Digital Advertising 2021 19#204 Access $272bn global gaming TAM by buying or building a gaming offering Experience operating gaming assets Virtual games Exclusive in- play solution with MLB Simulated reality sportradar Advanced 3D graphics technology Integrated into clients' sportsbook Provide 24/7 x 365 sports betting Al-driven simulations using real- world rosters, teams, and leagues Play-by-play for simulated matches Concept to revenue in 11 days amidst COVID-19 Source: H2 Gambling Capital (2020) Natural extension into integrated product suite Existing sportsbook integration Data, Odds, MTS iGaming Additional iGaming integration Live Casino Slots Platform Gaming operators Table games 20 End users#21sp rtradar Financial Highlights#22Business model comparable SaaS companies Predominantly subscription revenue base High net dollar retention rate Minimal revenue churn Highly embedded services Proven ability to grow revenue at scale to leading vertical sportradar 78% 2020A subscription revenue sportradarietes any costs and an et of contaction of station her the braing bathe is be 116% 2-year average with top 200 customers 1.2 0.6% 2-year average revenue churn¹.3 8+ year tenure with top 200 customers 30% 2015-2019 revenue CAGR Strong cash generation 78% 2-year average cash flow conversion For top 200 customers which represent 80% of revenue: Defined as annual revenue from a cohort of customers in the current period / annual revenue from the same customer cohort in the prior period, current annual revenue t excludes revenue from new customers in the current period. Revenue chum defined as lost revenue from customers that stopped using our services in any given year divided by total revenue in prior year: Adjusted for customer M&A activity. Free cash flow conversion defined as net cash from operating activities adjusted for payments for lease abilities, acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) / adjusted EBITDA 22#23We have consistently delivered high growth at scale Total Revenue (€m) 134 2015 195 30% 2015-2019 CAGR 2016 280 2017 335 2018 sportradar te: Horical consists are a reported : 2015-2010 united 380 2019 405 2020 Strong, sustainable growth driven by Expansion of core betting data business - Increasing demand from bookmarkers for content 24/7/365 Continue to extended value chain - Acceleration of software products driven by continued shift to outsourced platforms Early stages of US growth - Leading position established in order to benefit from future market growth Performance in 2020 (+6.4%) demonstrated mission-critical nature of business 23#24Strong growth across segments, especially in 1H'21 Revenue by segment (€m) 380 30 23 103 225 2019 sportradar RoW Betting ■ ROW AV US ■ Other Growth *19-¹20 6% 405 30 34 106 235 2020 (1%) 50% 3% 5% 192 57 108 1H '20 13 13 272 19 29 76 149 1H '21 A 1H '21A vs. 1H ¹20A 42% 45% 116% 33% 37% 24#25Adj. EBITDA Margin² Robust profitability and margin expansion Adj. EBITDA by segment (€m) Adjusted EBITDA (€m)¹ 17% 63 2019 19% 77 2020 21% 41 1H '20 22% 60 1H '21 ROW Betting % margin ROW AV % margin ROW Adj. EBITDA % margin United States % margin Other Corporate cost Total Group Adj. EBITDA sportradaraboses, the trance to comecosts and amorisation ofsport rigtis. Defined as Aquated EBITDA I Revenue 2019 129 58% 2020 1H '20 1H '21 119 57 87 51% 52% 58% 27 25% 32% 155 145 75 106 47% 45% 47% (40) (16) (12) (8) (175%) (48%) (93%) (29%) (2) (1) (2) (50) (51)! (36) 26 25% 63 43% 77 18 0 (22) 41 Adjusted EBITDA represents consolidated earnings before interest, tax, depreciation and amortization adjusted for impairment of intangible assets and financial assets, loss from loss of control of subsidiary, foreign exchange 20 26% 60 25#26Strong Adj. FCF profile Adjusted free cash flow¹ (€m) 87% Adj. FCF Conversion² 55 2019 sportradar 70% 54 2020 81% 33 1H '20 7% 4 1H'21 Adj. FCF impacted by IPO and M&A costs, new capital structure and tax provisions 1H '21 Adjusted free cash flow represents net cash from operating activities adjusted for payments for lease labilities acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) Free cash flow conversion defined as adjusted free cash flow/ adjusted EBITDA 26#27Long-term targets Organic revenue growth Adj. EBITDA margin¹ sportradar control of subsidiary, foreign exchange gains/losses, other finance incomalcosts and amortization of sport rights Long-term target 20%+ 25-30% Defined as Adjusted EBITDA/Revenue. Adjusted EBITDA represents consolidated eamings before interest, tax, depreciation and amortization adjusted for impairment of intangible assets and financial assets, loss from loss of 27#28Sportradar's differentiated value proposition (1/2) Clear #1 B2B player with a deeply entrenched position benefiting from powerful network effects 1 2 3 4 Large and high growth market with favorable sector tailwinds Pole position in the fast growing US market with a repeatable Sportradar playbook Only end-to-end provider with a full breadth of product offerings to effectively serve customers sportradar Includes significant investments in US and other products Fan Engagement Deep suite of products for: $478m 2020 Revenue Sports Accessibility! Data Coverage Mobile Adoption Intensity DRAFT KINGS BETMGM 22% H1'21 Adjusted EBITDA Margin ¹ Sports leagues FANDUEL bet365 Media companies Workflow Outsourcing Betting operators 28#29Sportradar's differentiated value proposition (2/2) Broadest content portfolio, with disciplined rights strategy 5 6 7 8 Proprietary and defining technology engine at the forefront of innovation Multiple existing and new growth levers that benefit from strong tailwinds Powerful financial model with a unique combination of growth, profitability and high FCF generation 740+ Software engineers iGaming opportunities 78% 2020A subscription revenue FIFA 20bn Data files ingested from inception NHL 0.6% 2-year average revenue churn¹.2 New market opportunities ITF 30m Odds changes per minute 30% 2015-2019 revenue CAGR ESL 99.9% Availability 13 acquisitions since 2010 sportradarbo 200 cartonges which meinent 80% of moenice i Remus chin defned as last manus from customers the firsted using person in any open your sided by their mense in prospero Adjusted for customer M&A activity: Free cash flow conversion defined as (operating cash flow less capex, leases, interest and tax)/Normalized EBITDA 78% 2-yr avg cash flow conversion³ 29#30ROKINZIAL 23 FLOTTO "x": 2.45 sp rtradar Appendix#31Significant investment in rights focused on value creation and positive ROI Tailored approach based on protectable value & leverage drivers AV Rights Acquire "must have" exclusive content based on global and regional demand to drive wider buying decisions Controlled investment in substitutable content to maximise ROI and limit dependency Data Rights Strategically invest in data rights in the following instances: When rights accelerate market entry (e.g. US) When open-source access is limited or difficult to obtain When latency/data depth benefits drive product differentiation or premium pricing sportradar 31#32Historical EBITDA and FCF reconciliation Adjusted EBITDA (€m)¹ Profit for the period Share based compensation Depreciation and amortization Amortization of sports rights Impairment of intangible assets Impairment of equity-accounted investee Impairment loss on other financial assets Loss from loss of control of subsidiary Finance income Finance cost Income tax (benefit) expense Adjusted EBITDA sportradar 2019 2020 H1120 H121 € 11.7 € 14.8 € 20.2 €17.7 2.3 8.5 112.8 106.2 52.9 64.1 (93.9) (80.6) (40.1) (48.9) 26.2 4.6 39.5 1.7 1.6 2.8 0.3 (9.4) (13.0) (17.5) 28.1 (21.9) (41.7) 36.1 12.7 23.4 4.5 7.3 € 63.2 € 76.9 € 40.8 7.7 €59.8 Adjusted free cash flow generation (€m)² Net cash from operating activities Acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) Acquisition of property and equipment Payment of lease liabilities Adjusted free cash flow 2019 2020 H1'20 H121 € 146.0 €151.3 €75.8 €67.5 Includes expansion to additional new markets: Adjusted free cash flow represents net cash from operating activities adjusted for payments for lease labilities, acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) (78.9) (92.0) (40.3) (58.3) (2.1) (3.0) € 4.1 (6.7) (2.0) (1.1) (5.1) (3.8) (1.5) €55.3 € 53.5 € 32.9 32

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